Perhaps cryptocurrency’s largest institutional nemesis is JP Morgan Chase. Led by the ever-belligerent Jamie Dimon, it and he have taken numerous opportunities to sandbag bitcoin and its spawn. Theories about why have long circled, but now there appears to be proof the legacy bank is threatened by decentralized currency in digital form, according to an internal annual report.
JP Morgan Chase Once Chastised Bitcoiners
In partial fulfilment of its fiduciary duty, JP Morgan Chase filed an Annual Report for 2017, Form 10-K: Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. It’s an exhaustive document mostly of interest to shareholders. This year, however, it contained unusual insight into the institutional mindset of the United States’ largest bank.
Under the rubric Competition, deep in the report, the bank worries aloud: “The financial services industry is highly competitive, and JPMorgan Chase’s results of operations will suffer if it is not a strong and effective competitor. JPMorgan Chase operates in a highly competitive environment, and expects that competition in the U.S. and global financial services industry will continue to be intense.”
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