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It’s been just revealed that a JPMorgan exec is address9ng the crypto markets. Check out what he had to say and what he revealed.
JPMorgan exec talks about crypto markets
He explained that crypto markets are at the same point that the music streaming industry was in the 1990s.
Speaking to The Financial News, Umar Farooq, head of the banking giant’s digital asset unit Onyx, made sure to highlight the fact that the crypto markets are in the “Napster” age.
Just in case you don’t know, Napster, launched in 1999, was the first big peer-to-peer file sharing platform that people distributed music on before the advent of more regulated platforms like Spotify or Apple Music.
“In the 90s, there was this thing called Napster… It was clunky. Not everyone could do it. And then 20 years later, you have Apple Music and Spotify.”
He continued and explained:
“I don’t think we would have gotten here without Napster. We are sitting in the Napster age. We just don’t know what Spotify looks like. So I think [crypto] is here to stay. I just don’t know in what shape or form.”
Farooq also made sure to highlight the fact that the speed of the innovation in the digital assets space is “dizzying,” and that his branch at the bank is already seeing large waves of interest from clients.
According to him, crypto is past its “wild West” days and is now an established industry attracting a large ecosystem.
“Bitcoin has been around for a little more than a decade now. The first few years was literally just, you know, kind of rolling along slowly, then things started to catch up. People realize, ‘OK, I can build some more. Maybe we can program this thing, maybe we can create ecosystems…”
He concluded by saying that decentralized organization has been defined. “It is a Cambrian explosion.”