Kinda destroyed the prospects of XRP/Ripple building a network effect, and becoming an unbeatable incumbent in the bank to bank remittence market . He's been lightening up on his former public stance leading up to this, and contradicting his 2017 statements. Even when he was bashing bitcoin hard, JP Morgan & co had already started trading crypto assets for some of their clients.
His bank has been fined billions of dollars multiple times under his watch for money laundering, and other criminal banking violations including 1.7B in a settlement related to the Madoff fiasco. Yet he still publicly states real crypto leaves to much potential opportunities for criminals. Ironically, it's the same criminals currently laundering their cash through JP Morgan he's referring to, at a profit rate that more than covers the billions in fines they pay.
They move over 6 trillion around the globe daily between the wholesale institutions this new crypto that they'll be dropping in a couple of months is intended to improve. These large moves currently take up to a day to complete using international wire transfer and can be a major headache/risk to deal with.
I'm not following what Ripple is doing with this market already with XRP, because it's centrally controlled by Ripple, and your account can be seized by Ripple. I'm sure the same will be true of JP Morgans coin, no doubt it will have to comply with banking regulations requiring this, and be 100% mutable/seizable by governments. What they use isn't mathematical perfection and is therefore invalid in my eyes, subject to human error, and malicious state intent.
I have closely followed how Bitcoin has become king of international remittence between smaller countries with liquidity problems due to it's instant/immutable nature. Transfers of large amounts of money, even if they take just a few minutes, can cost a lot of interest for the owner, and if done properly be a gain in interest for the broker. When you have trillions with a T tied up in wire transfers averaging 24 hours like JD's company, the loss of interest alone can equal another yacht. 1%APR x 6T divided by 365days = 164 million 383 thousand 561.643835616438356 dollars, a day.
