JP Morgan accepts crypto-competition in its annual report

Almost everyone knows the "trench war" that JP Morgan unleashed with cryptocurrencies especially with Bitcoin. To the extent that he forbade the use of his cards for the purchase of the same, he then said that the Bitcoin BTC 10,400.71 (-264.80 -2.48%) was a fraud and finally they apologized for having called the cryptocurrencies " fraud "to consider them a real competition.

In the extensive report published in shareholder.com (in English) JP admits the risk of cryptocurrencies at the level of competition with banking entities, as we have summarized in the following article.

JP Morgan Chase can not guarantee that significant competition in the financial services industry will not materially and adversely affect its future results of operations.

New competitors have emerged. For example, technological advances and the growth of electronic commerce have made it possible for non-depository institutions to offer products and services that were traditionally banking products.

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 investment advice based on automated online algorithms.

In addition, both financial institutions and their non-bank competitors face the risk that the processing of payments and other services will be affected by technologies, such as cryptocurrencies, which do not require intermediation.

New technologies have required and may require JPMorgan Chase to spend more to modify or adapt its products to attract and retain customers and customers or to match the products and services offered by its competitors, including technology companies.

Continued or increased competition may press down the prices and rates of JPMorgan Chase products and services or may cause JPMorgan Chase to lose market share. This competition can be based, among other factors, on the quality and variety of the products and services offered, the execution of transactions, innovation, reputation and price.