JPM Coin: Banks are in DABDA Phase for Cryptocurrency

[Goodcat49]

One of the best cryptocurrency influencers thinks that the governments and financial institutions are undergoing the DABDA - denial, anger, bargain, depression and acceptance - phase for the flagship crypto Bitcoin (BTC), according to BlockPublisher.

“First they don’t believe in digital currencies. Then they fight them. Then they say there could be a role for them to play if state backed. Eventually they realize Bitcoin is the answer,” the influencer Anthony Pompliano said.

Banks Fighting Bitcoin   
BTC raises challenges for the authorities such as banks and other financial institutions which have related and pertained to for quite a long time. Working as a digital ledger which stores value, records and conducts all intensities of transactions in just minutes with less hassle, BTC lessens the financial friction banking institutions depend on for their profits.

Several financial institutions, initially ‘repudiated’ cryptocurrency by paying no attention to it. Then they expressed ‘fury and anger’ by banning, limiting and battling it. After, they planned a ‘bargain’ by attempting to launch state-backed stablecoins. And they will soon fall into the ‘depression’ of failing to control it, and they will finally be left with no other significant option but to ‘accept’ it.   

Major authorities including governments and banks, indeed failed to ban Bitcoin and they have now started a serious bargain with the cryptoasset industry with JPM Coin – a crypto owned by the top U.S. financial institution JPMorgan Chase valued at over $6 trillion, to launch an idea of bank/institution-backed digital currencies in order to completely fight and eliminate the existence and functionality of real virtual currencies.   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/jpm-coin-banks/?utm_source=forum&utm_medium=referral