With the rise of digital coins, JPMorgan Chase has labeled cryptocurrencies as a threat to its business in its annual 10-K filing. The bank’s comments mirror those by Bank of America (BoA) and Goldman Sachs, Coindesk reported.
The news comes after Bank of America reported that cryptocurrency could represent a substantial threat to its business in its annual filing with the SEC. The second largest bank in the United States by assets, BoA issued a warning that was the first of its kind for the institution — it has never in the past warned investors about technology’s potential as a risk factor.
However, on balance, BoA only made about three references to digital currency forms in the 13,000-word filing, and crypto was far from the only threat listed. Brexit and cybercrime also made the list, and were mentioned more often.
But the mere mention, according to Financial Times reports, indicates that BoA is taking crypto seriously, beyond just a fad or fuel for a massive investing bubble. The filing also noted that crypto, among other possible advances, could prove to be a costly competitor for the bank if it manages to find an audience among mainstream consumers.