HOW WILL FINANCIAL FIRMS LIKE JP MORGAN SOON CHALLENGE BITCOIN?

Bitcoin has endured many challenges since emerging back in 2009. Still, the currency is more alive than ever with ever-growing adoption between new consumers and merchants alike. It’s uniqueness as a (mostly) decentralized currency against all odds has attracted the attention of media all over the world. As the currency populi of the world, are the big financial firms and authorities of the world planning to take on the cryptocurrency, challenge it, or even destroy it?
DO FINANCIAL FIRMS EVEN CARE ABOUT BITCOIN?
Yes. Early this year we saw a number of provocative headlines ranging from JP Morgan’s potential patents for a digital currency to the Goldman Sachs assessment of Bitcoin. Both have spurred volumes of discussion about the topic, though it all boils down to a single fact: They care.
The extent to which they care, however, varies. None of them have, as far as we know, gone out and bought Bitcoins as part of a portfolio or made direct investments in the firms that fuel the currency’s day-to-day operations. Still there is a clear interest in the currency that ranges from distrust to interest, depending on what element of the currency you’re referring to. Based on what most firms are saying though, the true value in Bitcoin is its ability to be a unique identifier without the need for a central server or organization to manage that identification.

This post was published at Coin Manual on SEPTEMBER 17, 2014.

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