JP Morgan Chase: Cryptocurrencies Pose A Risk To Our Business Model

In an annual report released yesterday, JP Morgan Chase states that the Bitcoin and Ethereum (and the cryptocurrency market in general) pose a great risk for its operation and business model.
The affirmation was made in the sense that cryptocurrencies have put a lot of pressure on the bank’s financial instruments and made them innovate to maintain old customers and keep new clients coming. The report declares that: “Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation,”, also stating the fact that investing in crypto would cut (or ax) the middleman. This would effectively bring extinction to the bank’s intermediation business model as we know it today.
JP Morgan has not been the only financial institution that has expressed its worries about cryptocurrencies. Recently, Bank of America also released a report that states the same concerns about the cryptocurrency market and the problems that it may bring to their business segment.

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