Former leader of JP Morgan states that cryptocurrencies will change the world. An assessment that is not too widespread, but still increasingly shared.
Salvador Casquero, former executive of JP Morgan, stated that banks are fully aware that the ecosystem of cryptocurrency is able to change the world. And it is for this reason - he claims - that the credit institutions of the whole world are going up on the chariot of the blockchain and cryptocurrency, since they are aware of the fact that it will only be possible to exploit the full potential of the cryptocurrency sector.
In short, the game for traditional banks is almost over, and the bankers know it. Casquero, former head of JP Morgan for the Scandinavian Interest Rate Trading area and head of BBVA's FX Sales, then specified that the banks lost their particular race against the industry of criptovaluta and against the fintech, and that times are therefore irremediably changing.
For many decades, the only way that people had to be able to process transactions internationally was through the most famous institutes in the world - explains Casquero - that therefore had a strong control over the market. But now things have changed, and the rapid growth of cryptocurrency markets and services offered by new start-ups and fintech companies is reshaping the financial world.
Moreover, recently its own JP Morgan he had published a report with the aim of exploring the key areas that central banks would have to evaluate to adopt large-scale cryptography. The report spoke of how the anonymity of the cryptocurrency industry constituted a real threat to banks and that the increase in volatility with regards to regulations and technology was a problem that could not be underestimated. JP Morgan then wrote that he believed that cryptocurrencies could not function within the old definitions of "money", and that to do this the cryptocurrency should have become a unit of account, a medium of exchange and a store of value.