Topic: [2018-05-18] JPMorgan Creates New Position of Head of Crypto Assets Strategy (Read 150 times)

Banks can seriously affect worldwide propagation of crypto if they simply support wallets and transactions for top coins.
And direct crypto exchange to plastic cards will completely revolutionize the banking system.

No, i dont see any reason where banks would able to adjust up on the current position of cryptocurrency on the entire market.They wont really do such thing yet they do still have the full control and decision when it comes to banking sector. Adopting crypto wont really be a necessary decision for them to make, if they would oppose then its not their loss since they do have their own path to go.
Strategy or not but these influential people do have their own things on mind, they might oppose but behind it they are accumulating cheaper coins.

What's really ridiculous is that market is still deep red, but amount of positive news from big players is disproportionately high. 

Large speculators are included in the market of cryptocurrency to the fullest. This bank constantly stood at the source of the most ridiculous speculative financial instruments. I think that JPMorgan will surprise us.

Calling it fraud is one of the reasons why bitcoin's price crash last year but it is pretty obvious it is just their strategy because it was traced that after bitcoin's price is cheaper, JP Morgan bought bitcoin and it is quite ironic when Dimon said about being not that interested in crypto at all because he is actively trading it. Besides that, it doesn't seem that they aren't interested in crypto because they even assign a position for someone dedicated for cryptocurrency. Later on, we would expect banks to engage in cryptocurrencies as they can't just deny the fact that more people are using it every day. They should go with the flow instead of being against it since they can benefit as well to its technology.

Agreed; the price stagnation is surprising given all of this very exciting writing on the wall about institutional money and large banks having a role... but perhaps that's the problem, haha.

Banks will trade cryptocurrency sooner than people think, says fmr. JPMorgan blockchain executive

Hard to imagine more bullish news nowadays from such a big players as JPMorgan.

The position's title gives us a lot of info: Strategy is a very important word. This means they plan to have a long term strategy regarding crypto which is overall good for the best coins around that will be considered assets to invest into: I think this is already the case. Hold onto your precious coins and sell them cheap to those greedy bastards

Now we have all evidences that big players like JPMorgan and Goldman Sachs joined crypto games a while ago.
For me the main sign of their participation in crypto was the storm of negative news in Q1 2018.

The public statements by Dimon were just bluster. If there is money to be made, there is no way Wall Street banks are going to ignore it, while their competitors lap it up. And there definitely is a lot of money to be made in digital assets.

More and more bankers and traditional investors shift to the crypto field. Is it incidental or a trend already?

Hype rules in the world of money.
Today a small news agency affects market same strong as a big factory or research lab.

Funny how huge corporations operate... the left hand never knows what the right hand is doing.

JPMorgan Creates New Position of Head of Crypto Assets Strategy

Leading US banking group and financial services firm JPMorgan Chase has recently created and filled the new position of head of crypto-assets strategy, Business Insider reported today, May 17.

London-based Oliver Harris, 29, will take the new role, reporting to the head of blockchain development, Umar Farooq. Harris will also lead JPMorgan’s internal blockchain project Quorum, which began testing by JP Morgan Chase and the National Bank of Canada last month.

According to Business Insider, Harris will be identifying and leading new crypto projects for the bank, rather than actively trading in cryptocurrencies. He will reportedly investigate crypto custody services and how blockchain could work in JPMorgan’s payments business.  

For the last two years, Harris has been leading JPMorgan’s In Residence program, which identifies and partners with fintech startups that the bank finds promising.

Daniel Pinto, co-president of JPMorgan, has recently taken a positive stance on cryptocurrencies in an interview with CNBC, claiming that the “tokenization” of the financial system is “real”, with “many central banks looking into” it. However, Pinto stressed that crypto adoption is not possible in its “current form”.

In general, the investment banking giant has been skeptical of cryptocurrencies. JPMorgan banned its customers from crypto purchases with credit cards back in February, in addition to including cryptocurrencies to the “Risk Factor” section of its 2017 annual report to the US Securities and Exchange Commission (SEC).

Last year, JPMorgan’s Chairman & CEO Jamie Dimon called Bitcoin (BTC) a “fraud” and claimed that he would fire any employee trading BTC on the company's accounts. Dimon soon reversed his position in January, admitting that he regretted his earlier statements and adopting a lukewarm stance toward crypto. Dimon said he is, “not interested that much in [crypto] at all.”

Source: https://cointelegraph.com/news/jpmorgan-creates-and-fills-new-position-of-head-of-crypto-assets-strategy