My guess is that JPMorgan Chase is experimenting with cryptocurrency out of fear of tech companies. I think tech companies like PayPal (NASDAQ: PYPL), Apple (NASDAQ: AAPL), Alphabet (NASDAQ: GOOG), and Facebook (NASDAQ: FB) are among Chase’s most dangerous competitors. To explain, each of those companies offers financial services in direct competition with JPMorgan Chase. You can you can use PayPal, Apple Pay, or Google Pay instead of your Chase Visa card at the cash register, for instance. In addition, you can access your Chase bank or Visa account through PayPal, Google Pay, or Apple Pay. Thus, we are living a world where a financial institution is just another app on your phone. We now have entire generations who think of a bank as an app rather than a physical building. In countries like China most people have never used a physical bank. Meanwhile, the only banking institution most Americans regularly visit it the ATM. That situation helps Chase and other monster banks because it involves no personal relationships.