Cryptoworld moving fast
After many negative comments from the banking world especially from JPMorgan is now a turnaround happening. JPMorgan mentioned in the annual report that cryptocurrencies are possibly disrupting the traditional financial system.
Disrupted by Technologies
After quick lines about the growth of e-commerce, the Report finally comes out with it. “These advances have also allowed financial institutions and other companies to provide electronic and internet-based financial solutions, including electronic securities trading, payment processing and online automated algorithmic-based investment advice. Furthermore, 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. New technologies have required and could require JPMorgan Chase to spend more to modify or adapt its products to attract and retain clients and customers or to match products and services offered by its competitors, including technology companies.”
These words are pretty significant from the bank who just a few months ago called bitcoin a fraud..
At the same time we have news from US that Circle Internet Financial is buying the US based exchange Poloniex. This on its own would not be that big news… Knowing that Circle is backed by Goldman Sachs makes these news much more interesting and important.
Are the big banks now starting to buy cryptocurrency banks and exchanges to make sure they can stay in business when cryptos take over? That they are scared is pretty obvious and after the visionary banks like BBVA (co owner of Coinbase) and various other banks now the institutions who did communicate very negative about bitcoin and cryptocurrencies starting to make sure they also have a share of this market.
Bitcoin price has soared this last 7 days by almost 13% which shows first signs of recovery and acknowledge of technical improvement and news about new investments.