J.P. Morgan Report: The Rise of Digital Money is Here | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
One of the most respected investment banks, J.P. Morgan, has issued a report that confirms their belief in the digital currency revolution. The launch of JPM Coin was met by surprise from the crypto community following the firm’s managing director’s controversial remarks regarding Bitcoin. Nonetheless, J.P. Morgan has doubled down on their blockchain ambitions, as reported by Bloomberg, February 22, 2020.
Bullish on Blockchain and Digital Currencies
J.P. Morgan’s new report arguing for blockchain and digital currencies is likely to cause a spur in the cryptocurrency community. Especially because the bank advocated for the use of blockchain and regulated digital currencies, but advise people to stay away from Bitcoin and other public blockchain-based assets.
As per the report, the company believes 2019 will go down as a landmark year for digital currencies as a whole. However, the failures from 2019 – such as Libra – need to be taken into account as well. Global regulators are yet to meaningfully address blockchains and digital currencies, but they have already started the pursuit of their own goals within the space.
Further, the $425 billion financial behemoth believes banks can greatly benefit from using blockchain if implemented correctly. The advent of a shared database can propel the financial industry and help create more value and efficiency,