Crypto ‘Unlikely To Disappear’, Says Internal Report Attributed To J.P. Morgan!!!!

J.P Morgan has called cryptocurrencies the "innovative maelstrom" around the Block chain and said they are "unlikely to disappear " which appears to be an internal report from the company.

In an extract from the banking giant's executive summary on cryptocurrencies, the company appears bullish on crypto future.

“Cryptocurrencies are the face of the innovative maelstrom around the Blockchain technology that is bringing both massive price volatility and a constant trial-and-error of new product try-outs and failures,” the report states.

Despite of mixed tone of report, the distinction from J.P. Morgan's public position on crypto over past six months is palpable.

In September, 2017 J.P. Morgan CEO Jamie Dimon became notorious after he called Bitcoin a “fraud,” triggering the very price volatility the bank now cites as a “challenge” crypto assets face.

Dimon subsequently claimed he was "not going to talk about Bitcoin any more", while last month publicity disclosing he "regretted" making the fraud comments.

“CCs [Cryptocurrencies] are unlikely to disappear and could easily survive in varying forms and shapes among players who desire greater decentralization, peer-to-peer networks and anonymity, even as the latter is under threat,” the summary continues in a positive vein.

J.P. Morgan's latest tweet-

"The underlying technology for CCs [cryptocurrencies] could have the greatest application in areas where current payment systems are slow, such as across borders, as payment, reward tokens or funding systems for other Blockchain innovations and the Internet of Things, as well as parts of the underground economy.”