Dimon and his peers went through the initial digitization of stock markets in the 1980s and realize the enormity of the transformation occurring, which explains all this posturing. They aim to move the goalposts as far ahead as possible to retain older customers.
However, bank executives realize that replacing centralized firms with open protocols would generate a lot of money and want to benefit as long as possible.
Financial corporations are doing everything they can to delay the inevitable and milk every last dollar from customers before younger generations switch to cheaper, faster, and more convenient alternatives.
Self-custody eliminates several fees and allows holders full control over their assets. People now have access to many services formerly supplied by banking institutions thanks to bitcoin.
Asset managers are buying bitcoins and cutting on-exchange supply at an unprecedented rate, and ETF issuers are targeting ETH. If you think they'll stop there, consider all the crypto asset trusts constructed like Grayscale's GBTC trust before it became an ETF.
When Nasdaq began in 1971, many underestimated its potential. By 1991, it accounted for roughly half of U.S. equity trading volumes. It is presently the second-largest exchange in the world, behind the NYSE, and most worldwide exchanges have closed or are maintaining their open-cry trading pits.
Dimon became a stockbroker in 1982, following his father and grandfather. He has spoken about fintech startups' encroachment on Wall Street, and he likely remembers Nasdaq's launch and NYSE's 1984 launch of SuperDOT (NYSE's electronic routing overhaul), which started the trend of brokers leaving the trading floor to work behind a computer.
The end was certainly unknown to most floor traders 50 years ago. Dimon and the rest of the old guard see fewer fees, more access, and more control this time and remember their beginnings.
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