JPMorgan Chase: now that we think about it, cryptocurrencies are a threat to us

The international financial organization JPMorgan Chase mentions digital currencies as one of the threats to its business in its latest annual report the press has managed to analyze.

According to the reporters familiar with this new report, Bitcoin and Ethereum are explicitly mentioned as the factors of risk.

“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,” the corporate report authors added.

This confirms ongoing speculations of the cryptocurrency community about bankers not being completely honest in their statements about cryptocurrency. There is a popular belief in the social media that the bank leaders do not really fear for the financial well-being of those who invest in cryptocurrency, but instead they present coins as a bubble in order to hamper their growth and downgrade the reputation of the newborn rival.

The statement by Jamie Dimon, head of JPMorgan Chase, about Bitcoin being a fraud has not been received warmly and most finance magnates preferred not to criticize it so sharply, instead hinting that the whole market may easily be a huge bubble.