Perhaps cryptocurrency's largest institutional nemesis is JP Morgan Chase. In partial fulfilment of its fiduciary duty, JP Morgan Chase filed an Annual Report for 2017, Form 10-K: Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Under the rubric Competition, deep in the report, the bank worries aloud: "The financial services industry is highly competitive, and JPMorgan Chase's results of operations will suffer if it is not a strong and effective competitor. JPMorgan Chase operates in a highly competitive environment, and expects that competition in the U.S. and global financial services industry will continue to be intense." What all this practically means for the short and long-term regarding the bank and crypto is anyone's guess, but the following seems to give a rather large hint: "Increased competition also may require JPMorgan Chase to make additional capital investments in its businesses, or to extend more of its capital on behalf of its clients in order to remain competitive." In other words, before it can beat crypto, it just might have to join crypto.