That’s an understatement… they are scared, very scared.
Back in the day Kodak argued hard against digital cameras, saying they couldn’t capture photos the way analog did, etc. and they were right: digital cameras were not as great… but they had three things that analog couldn’t offer:
- Instant photos
- A huge runway to improve the technology
A few years later Kodak introduced digital cameras then it went bankrupt.
Parallels here between banking and photography are just too good to ignore.
Right now blockchain is slow, not user friendly but it is secure. It’s main features (decentralization+security) can’t be replicated by banks. Most importantly, sky is the limit when it comes to this technology’s potential. It’s applications aren’t yet fully grasped conceptually, let alone realized.
JPM went from “its blockchain, not bitcoin” to actually releasing their own coin. Not only does this sound hypocritical/phony, but it signals a complete capitulation.
The only reason banks will survive is that they help set monetary policy of the Fed, but even then banks will most likely turn into utilities and provide basic services. For pennies. It’s the end of banking as we know it.
This is a pivotal day for crypto… read between the lines, folks.