You all remember when JP Morgan Chase CEO Jamie Dimon apologized for his Bitcoin related comments, don’t you? Well, things have changed since then. According to a JP Morgan Chase annual report, which was filed yesterday, they consider cryptocurrencies as a risk to business:

“Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.”

JPM also added that these modern technologies forced the institutions to adapt its products in order to keep those customers who consider blockchain and cryptocurrencies as a viable option against regular financial services.

JP Morgan is not the only bank who is feeling the pressure lately, Bank of America has also released its own annual report, in which they express their concerns about customers who might leave for crypto related competitors. They didn’t name competitors, however they described their products and services as speculative and risky.

Not too long-ago JPMorgan has released a 71-page research report which can be found circulating on the web: it’s called the „Bitcoin Bible” and it contains a thorough analysis of cryptocurrencies. In this report, the bank has concluded that „opportunities for banks to utilize blockchain technologies for conducting business could have far-reaching implications for the sector in our view”.

Based on the current events, we are not afraid to say that 2018 might be really the beginning of mass adoption. So many wild statements have hit the market recently and we have also witnessed huge companies starting their own related projects.