JPMorgan’s Chase Bank Shifts Stance on Bitcoin and Cryptos

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The largest bank in America and sixth-largest in the world, JPMorgan Chase, has never been a fan of Bitcoin and digital currencies. Worth over $2.6 trillion, the world’s most valuable bank by market capitalization has even called Bitcoin a ‘fraud’ in 2017. With the popularity of cryptocurrencies rising in the past few years, though, it has softened the bank’s attitude towards cryptocurrencies.

It took Chase CEO Jamie Dimon just over a year to regret his 2017 comments and shift his attitude towards Bitcoin. After calling the leading cryptocurrency in the world a ‘fraud’, he expressed his support for the blockchain in 2018. “The blockchain is real,” Dimon said at the time, stating that the bank he runs is now testing blockchain tech.

A Major Shift in Attitude

Dimon’s 2018 comments weren’t a fad. After extensive tests on the blockchain, Chase announced the creation of its own digital currency – the JPM Coin. The digital token is used to make instant transactions between the bank’s clients and different types of payments. Chase’s attitude toward Bitcoin went from 0-100 mph. pretty fast with the introduction of the digital token and the acceptance of blockchain.

Things in the world of cryptocurrencies move with the speed of light just like the bank’s stance. After fully accepting the blockchain and creating its own digital coin, JPMorgan released a report on blockchain last week, noting its “potential to transform banks’ business models with efficient and resilient information transfer”. It also noted the newfound maturity of the crypto market that came as a result of increased participation by financial institutions and regulated exchanges.

Chase’s newfound belief in Bitcoin and the blockchain was received with acclaim from crypto owners and traders. Many believe that this might be the crucial step Bitcoin needed to make to go into the mainstream. The bank’s influence on the American economy is immense, and positive comments on the largest cryptocurrency in the world are a massive shift in the right direction.

Of course, there are still legal obstacles that need to be jumped before things take a positive turn. Thanks to the bank’s latest report that reinstated optimism about the blockchain, though, it could make many businesses recognize the true value of Bitcoin.

What Does This Mean for Bitcoin Transactions?

The report noted that the blockchain is changing the economy and the payment industry and this could have earth-shattering effects in many industries. Cryptocurrency gambling is one that could profit off Chase’s report.

The report opens up new possibilities for cryptocurrencies. Chase picked payments as the clear winner in use cases for the blockchain, and their implementation in numerous new Bitcoin casinos could help the industry grow further. The booming online gaming industry is in love with Bitcoin recently and Chase’s report can be the foundation for many other casinos to start accepting cryptocurrencies.

It’s a whole new world of payments and casino games out there, and Bitcoin is at its center. If other banks follow JPMorgan’s lead, we could be seeing many new industries flourish with cryptocurrencies.

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February 26, 2020: • No Comments

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