JPMorgan’s ‘Bitcoin Bible’: Cryptocurrencies are here to stay

JPMorgan Chase (JPM) CEO Jaime Dimon has sure come a long way on his bitcoin position — by first job the cryptocurrency a “fraud” to observant “blockchain is real” to now releasing what some are job the “Bitcoin Bible” for investors — all in reduction than 5 months’ time.

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The 71-page pamphlet, which was expelled Monday, sum all from the record of cryptocurrencies, to their applications and challenges.

According to the report, the “extremely fast growth” and “falls” of several digital currencies over the last several months have forced not only JPMorgan Chase but all marketplace participants to closely guard and know this new market.

“[Cryptocurrencies] are doubtful to disappear totally and could easily tarry in varying forms and shapes among players who enterprise larger decentralization, peer-to-peer networks and anonymity, even as the latter is underneath threat,” the news said, adding that the underlying record could have the biggest focus in area where stream remuneration systems are slow.

Today, there are over 1,500 cryptocurrencies with a market cap of $400 billion, with bitcoin being the largest representing a third of the marketplace (around $140 billion), according to CoinMarketCap.

JPMorgan Chase pronounced the biggest hurdles forward for digital currencies is that it will be intensely hard for them to excommunicate and contest with government-issued currencies, “as dollars to euros and yuan are practical healthy monopolies in their regions and will not easily give up their seigniorage profits.”

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Additionally, cryptocurrencies are experiencing heightened sensitivity and will face continued hurdles from both a record standpoint from rising mining costs and hacking to regulators who are endangered about anti-money laundering and financier protection.

Last October, a month after job bitcoin a “fraud,” Dimon bloody the digital banking again at the Institute of International Finance conference, saying, “If you’re foolish enough to buy it, you will compensate the cost for it one day.”

But in January, Dimon backpedaled his prior comments in an talk with FOX Business’ Maria Bartiromo observant he regrets creation those statements and admits that “blockchain is real.”

Bitcoin is up over 2.41% to $8,615.19 on Monday.

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