J.P. Morgan has called cryptocurrencies the “innovative maelstrom” around Blockchain and said they are “unlikely to disappear” in what appears to be an internal report from the company, published Feb. 8, 2018.
In an extract from what is allegedly the banking giant’s executive summary on cryptocurrency, the company appears bullish on crypto’s future.
“Cryptocurrencies are the face of the innovative maelstrom around the Blockchain technology that is bringing both massive price volatility and a constant trial-and-error of new product try-outs and failures,” the report states.
Despite the report’s mixed tone, the distinction from J.P. Morgan’s public position on cryptocurrency over the past six months is palpable.
In September, 2017 J.P. Morgan CEO Jamie Dimon became notorious after he called Bitcoin a “fraud,” triggering the very price volatility the bank now cites as a “challenge” crypto assets face.
Speaking to Cointelegraph at the World Economic Forum in January, 2018, Dimon flatly refuted the idea that he was a “skeptic” on Bitcoin.
The recently published report meanwhile offers ideas as to how cryptocurrencies could be used most effectively.
“CCs [Cryptocurrencies] are unlikely to disappear and could easily survive in varying forms and shapes among players who desire greater decentralization, peer-to-peer networks and anonymity, even as the latter is under threat,” the summary continues in a positive vein.
“The underlying technology for CCs [cryptocurrencies] could have the greatest application in areas where current payment systems are slow, such as across borders, as payment, reward tokens or funding systems for other Blockchain innovations and the Internet of Things, as well as parts of the underground economy.”
JP Morgan Applied For “Bitcoin Alternative Patent 175 Times
JP Morgan doesn’t just purchase bitcoin notes, but is also heavily involved with the ‘blockchain fever’ that has infected banks across the world. The financial firm has applied for a “bitcoin alternative” patent with the U.S. over 175 times in 2013.
The company is also working on an ethereum-based blockchain alongside, according to people familiar with the matter, working with Zcash development as well. With the ethereum project called “Quorum,” JP Morgan has its own Github repo that explains how the permissioned blockchain does not need consensus mechanisms like Proof-of-Work (POW) or Proof-of-Stake (POS).
The financial publication Zerohedge reports that JP Morgan applied for a “Bitcoin Alternative” patent in 2013 and was rejected 175 times.
Good Ol’ Trustworthy JP Morgan
Of course, this shouldn’t come as a surprise to anyone.. JP Morgan is about as trustworthy as used car salesman with a crack addiction. Just a few months back JP Morgan Chase’s Jamie Dimon’s remarks on Bitcoin and cryptocurrency.
“If you’re stupid enough to buy [bitcoin], you’ll pay the price for it one day,” he said. Mr. Dimon also referred to it as “a fraud,” a concern echoed throughout legacy banking, money laundering being a chief concern.
JP Morgan calls Bitcoin fraud, then buys the shit out of it.
Interestingly after the recent regulatory crackdown in China, and the statements from JP Morgan’s senior executive Jamie Dimon talking trash about bitcoin, his firm bought the dip on September 15. In fact, out of all the companies on the list, like Goldman Sachs and Barclays, the JP Morgan team of buyers purchased the most XBT notes.
On top of buying XBT notes for clients after calling Bitcoin a fraud, JP Morgan is a member of the Enterprise Ethereum Alliance and CEO Jamie Dimon said in response to blockchain technology “it’s great, we actually use it. God bless the blockchain.” Not sure if he’s bi-polar or trying out some new meds, but it’s definitely interesting to watch.
It was revealed through a Swiss Federal Administrative Court publication on 16 November 2017 how this Summer its regulatory body, FINMA, issued a previously undisclosed document (still under seal) finding JP Morgan “seriously infringed” anti-money laundering (AML) rules.
A JP Morgan spokeswoman responded:
”There is nothing more important to us than the safety and soundness of the global monetary system.”
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