As massive banks like JPMorgan and Wells Fargo prepare to release their Q2 earnings report next week, a growing threat to traditional finance, cryptocurrencies, are becoming too disruptive to ignore.
While many of these banks have resisted the coming changes, the smart ones are starting to change their tune. Just this week, the German Central Bank released a statement acknowledging the need to adapt.
The statement comes less than two months after Bundesbank President Jens Weidmann ridiculed blockchain technology for being slow and expensive. As recently as June, Weidmann said that central bank crypto could have “serious consequences.”
While no one would accuse corporate bankers of sending consistent messages, such a sharp turnaround in such a short time points to a technology that cannot be ignored.