Former JP Morgan Trader Says Banks are Now Paying the Price for Ignoring Crypto

Daniel Masters, a former trader at JPMorgan, now turned cryptocurrency enthusiast, says that banks have totally failed when it comes to cryptocurrency. He believes that cryptocurrencies were the "true financial revolution" and that banks have made a huge mistake by dismissing them as “Ponzi schemes and scams.” He believes this will affect their profits in the future. “Banks have absolutely failed to innovate in any way, shape, or form and now they’re paying the price”, he said in an interview with Business Insider. In a recent report, Bank of America came to the same conclusion.

Some of the “analogue financial service companies”, however, are starting to warm up for cryptocurrencies.

It seems to be that Bitcoin’s 1500% rise in 2017 has drawn their attention. In December 2017, the CBOE started trading Bitcoin futures, which were so well accepted among the investors that the increased traffic caused their website to crash. Many renowned banks are investigating the possible use of blockchain technology and even Goldman Sachs is now thinking of opening desks for crypto trading.