Page 21 - May 2018 Disruption Report Flip Book

DIGITAL BANK JANMUAAYRY20210818
Yermack: They’re trying. Yeah, I think they’ve gotten far past the denial. And even at JPMorgan, where the CEO said that Bitcoin was a fraud, there’s an awful lot of blockchain stuff going on in the guts of the organization. But whether they can reinvent themselves quickly enough and whether the regulators will permit this, I think is an even bigger question. I think what is likely to happen is that financial services will be encroached upon by people like telecom industry, who can get into the payments business and already have, by media companies, by people like Google and Apple, and so forth who will—like vultures—pick off the profit all parts of the business and leave the low cost low margin stuff for the banks. (The Cryto Economy, L2inc, 05/17/18)
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