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The future is bright following Wall Street's futures trading embrace, but education is emerging as a key hurdle ahead.

The post Bitcoin Price Recovers Within 24 Hours From $11,500 to $15,000, Optimstic Factors appeared first on CCN

It took less than 24 hours for the bitcoin price to recover from a 30 percent drop. Earlier today, on December 23, the price of bitcoin recovered from $11,500 to $15,000, as the cryptocurrency market began to demonstrate optimistic signs of growth. Factors of Potential Short-Term Rally Since yesterday, the market valuation of cryptocurrencies has

The post Bitcoin Price Recovers Within 24 Hours From $11,500 to $15,000, Optimstic Factors appeared first on CCN

The post Cryptocurrency Market Rebounds Within 24 Hours, Ethereum, Bitcoin Cash, Litecoin Rally appeared first on CCN

Within merely 24 hours after experiencing a major correction during which every single cryptocurrency in the market plunged in value, the cryptocurrency market has completely recovered. Speedy Recovery The market valuation of cryptocurrencies surged from $480 billion to nearly $600 billion, to the point before the correction on December 21. Today, on December 23, all

The post Cryptocurrency Market Rebounds Within 24 Hours, Ethereum, Bitcoin Cash, Litecoin Rally appeared first on CCN

The post Cryptocurrency Market Rebounds Within 24 Hours, Ethereum, Bitcoin Cash, Litecoin Rally appeared first on CCN

Within merely 24 hours after experiencing a major correction during which every single cryptocurrency in the market plunged in value, the cryptocurrency market has completely recovered. Speedy Recovery The market valuation of cryptocurrencies surged from $480 billion to nearly $600 billion, to the point before the correction on December 21. Today, on December 23, all

The post Cryptocurrency Market Rebounds Within 24 Hours, Ethereum, Bitcoin Cash, Litecoin Rally appeared first on CCN

The post The A-SDR International Digital Currency Fund – The Missing Piece of the Global Cryptocurrency Jigsaw Puzzle appeared first on CCN

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. 2017 was indeed the “best of times” for early Bitcoin speculators and the “worst of times” for outdated institutions struggling to make sense of the twin, unstoppable, themes

The post The A-SDR International Digital Currency Fund – The Missing Piece of the Global Cryptocurrency Jigsaw Puzzle appeared first on CCN

The post Belgium Central Bank Governor: Bitcoin is Not a Threat Because Its Not “Stable” appeared first on CCN

Earlier this week, the National Bank of Belgium governor Jan Smets said in an interview that bitcoin is not a threat to central banks because it is not stable. “It’s not stable like the euro,” said Smets, adding “creating blockchain-based digital cash could diminish our limitation to drop interest rates below zero.” Flawed Argument Smets

The post Belgium Central Bank Governor: Bitcoin is Not a Threat Because Its Not “Stable” appeared first on CCN

The post ‘Insider Trading Is a Non-Crime’: Roger Ver Bites Back as GDAX Re-Opens Bitcoin Cash Trading appeared first on CCN

Outspoken bitcoin cash proponent Roger Ver downplayed accusations that Coinbase employees had engaged in insider trading prior to the public revelation that the company was adding full support for bitcoin cash. ‘Insider Trading Is a Non-Crime’: Roger Ver Speaking with CNBC on Wednesday, the early cryptocurrency investor and entrepreneur — once known as “Bitcoin Jesus”

The post ‘Insider Trading Is a Non-Crime’: Roger Ver Bites Back as GDAX Re-Opens Bitcoin Cash Trading appeared first on CCN

The post Bitcoin Mining Marketplace NiceHash Back Online, Promises Users Money Back appeared first on CCN

Earlier this month, as CCN reported, Slovenia-based bitcoin mining marketplace NiceHash was successfully breached, resulting in the loss of about 4,700 Bitcoin, at the time worth $62 million. Its users noticed that the marketplace’s website had gone offline for an abnormally large period of time, before the company finally revealed it had been compromised. At

The post Bitcoin Mining Marketplace NiceHash Back Online, Promises Users Money Back appeared first on CCN

The post Germany Joins European Drive For Global Regulation Of Bitcoin appeared first on CCN

Germany has joined the European push to regulate bitcoin out of concern it is being used by money-launderers, drug traffickers and terrorists. Germany’s Finance Ministry welcomed French Finance Minister Bruno Le Maire’s proposal to ask the Group of 20 to consider joint bitcoin regulation, Bloomberg reports. The Italian government shares these concerns and is open

The post Germany Joins European Drive For Global Regulation Of Bitcoin appeared first on CCN

• Oil discoveries in 2017 were the lowest since the 1940s, according to oil-and-gas consultancy Rystad Energy. 
• Discoveries have fallen every year since 2014 along with company budgets for exploration. 
• We could face a shortage in as soon as 10 years, Rystad Energy estimates. 

We're running out of new oil. 

Explorers in 2017 discovered the least amount of oil since at least the 1940s, according to Rystad Energy, an oil and gas consultancy.

It estimated that less than seven billion barrels of oil equivalent were found this year through Thursday. Some energy companies will announce more discoveries next year in their 2017 annual reports, but Rystad expects this to increase the 2017 total by 10% at most. 

New discoveries have fallen every year since 2014, when oversupply triggered an oil crash that cut its price by more than half. The plunge forced many upstream oil producers to reduce their spending, and helps explain why discoveries are also down. 

But that's not the only reason: explorers are finding less oil resources per field, according to Rystad. An average offshore discovery held about 100 million barrels of oil equivalent (boe) in 2017, down from 150 million boe in 2012.

The last time oil and gas companies added to their reserves by as much as they were producing was in 2006, when the so-called reserve replacement ratio reached 100%. It was down to 50% in 2012, and 11% in 2017.

This doesn't mean we're about to run out of crude oil. Major producers including the US have emergency reserves. Moreover, the industry's headache for the past few years has been too much oil. The Organisation of Petroleum Exporting Countries, a cartel of big producers, has agreed to deal with the oversupply problem by cutting output until the end of 2018. 

Also, there are usually a few years in between when an oil firm makes a large discovery and when it's ready for production. That means we can count on recent discoveries to keep our engines running for some time.

And there were some major discoveries this year, like the 1 billion barrels found off the coast of Mexico by Premier Oil, Talos Energy, and Sierra Oil & Gas.

But if oil discoveries continue trending down, we could be talking seriously about oil shortages in about a decade from now, Rystad estimates. 

"While there have been some notable successes this year, we have to face the fact that the low discovered volumes on global level represent a serious threat to the supply levels some ten years down the road," said Sonia Mladá Passos, a senior analyst at Rystad, in a press release.  

SEE ALSO: Bitcoin's wild volatility could soon start shaping other markets

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NOW WATCH: PAUL KRUGMAN: Trump can't take credit for the soaring stock market

• Business Insider UK spoke with Garrick Hileman about Bitcoin.
• Hileman explains how Bitcoin became the largest cryptocurrency on the market.
• He then explains why that has meant Bitcoin developers are moving on and setting up their own cryptocurrencies.

Business Insider UK spoke with University of Cambridge Research Fellow Garrick Hileman about Bitcoin and other cryptocurrencies and why developers are starting to move away from Bitcoin.

He explains that the reason Bitcoin grew so quickly in the beginning was that there were no other cryptocurrencies on the market.

This gave developers an opportunity to cut their teeth and led to the development of cryptocurrencies such as Ethereum and Litecoin. 

Full transcript below. 

Garrick Hileman: So Bitcoin became number one in large part because it was first and for a long time it was really the only cryptocurrency game in town and so many developers who were interested in cryptocurrency kind of cut their teeth working on Bitcoin and remaining quite loyal to it.

But a number of people have left the Bitcoin community to start other cryptocurrencies because they wanted to go in a different direction and I think the case for Ethereum is particularly important here it really shows that you can build something quite significant away from Bitcoin doing very different things, very different approaches to the technology.

So very talented people who are coming into the space now may have more of an incentive to try to build their own cryptocurrency or new blockchain based system rather than to build on something that’s already in place because we’ve seen now that you can create something new and you can accrue tremendous value if you are on the ground floor of that.

Produced by Jasper Pickering. Camera by Leon Siciliano. Research by Fraser Moore.

Join the conversation about this story »

• Business Insider UK spoke with Garrick Hileman about Bitcoin.
• Hileman explains how Bitcoin became the largest cryptocurrency on the market.
• He then explains why that has meant Bitcoin developers are moving on and setting up their own cryptocurrencies.

Business Insider UK spoke with University of Cambridge Research Fellow Garrick Hileman about Bitcoin and other cryptocurrencies and why developers are starting to move away from Bitcoin.

He explains that the reason Bitcoin grew so quickly in the beginning was that there were no other cryptocurrencies on the market.

This gave developers an opportunity to cut their teeth and led to the development of cryptocurrencies such as Ethereum and Litecoin. 

Full transcript below. 

Garrick Hileman: So Bitcoin became number one in large part because it was first and for a long time it was really the only cryptocurrency game in town and so many developers who were interested in cryptocurrency kind of cut their teeth working on Bitcoin and remaining quite loyal to it.

But a number of people have left the Bitcoin community to start other cryptocurrencies because they wanted to go in a different direction and I think the case for Ethereum is particularly important here it really shows that you can build something quite significant away from Bitcoin doing very different things, very different approaches to the technology.

So very talented people who are coming into the space now may have more of an incentive to try to build their own cryptocurrency or new blockchain based system rather than to build on something that’s already in place because we’ve seen now that you can create something new and you can accrue tremendous value if you are on the ground floor of that.

Produced by Jasper Pickering. Camera by Leon Siciliano. Research by Fraser Moore.

Join the conversation about this story »

LONDON — Bitcoin's value rallied above $14,000 on Saturday following a day which saw the its value collapse more than 30%.

Frantic trading of the cryptocurrency on Friday brought exchanges to a halt as investors reacted to warnings from regulators and pulled their funds out, pushing Bitcoin's value down as much as 32% from its Thursday peak to $10,775, before it climbed up to $14,400 on Saturday.

Here's the chart as of 8.50 a.m. GMT:

Earlier in the week, bitcoin's price started to plunge after one of the founders of the influential website Bitcoin.com announced he would sell his stake in bitcoin.

Unlike more traditional markets, bitcoin has no mechanism to halt trading when there are large losses in its value. These are known as circuit breakers, and they automatically pause trading when assets fall by a set percentage.

As Business Insider Australia's Paul Colgan and David Scutt pointed out, Friday's sell-off has had a ripple effect on other major cryptocurrencies.

"The price action appears to be spilling over into other cryptocurrencies, with the second-largest by overall market value, Ethereum, down 26%, and bitcoin spinoff bitcoin cash — which was moving in the opposite direction to bitcoin earlier this week — down a whopping 38% in 24 hours, according to CoinMarketCap," they wrote.

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NOW WATCH: The CIO of a crypto hedge fund reveals why you should be cautious of the ICO bubble

LONDON — Bitcoin's value rallied above $14,000 on Saturday following a day which saw the its value collapse more than 30%.

Frantic trading of the cryptocurrency on Friday brought exchanges to a halt as investors reacted to warnings from regulators and pulled their funds out, pushing Bitcoin's value down as much as 32% from its Thursday peak to $10,775, before it climbed up to $14,400 on Saturday.

Here's the chart as of 8.50 a.m. GMT:

Earlier in the week, bitcoin's price started to plunge after one of the founders of the influential website Bitcoin.com announced he would sell his stake in bitcoin.

Unlike more traditional markets, bitcoin has no mechanism to halt trading when there are large losses in its value. These are known as circuit breakers, and they automatically pause trading when assets fall by a set percentage.

As Business Insider Australia's Paul Colgan and David Scutt pointed out, Friday's sell-off has had a ripple effect on other major cryptocurrencies.

"The price action appears to be spilling over into other cryptocurrencies, with the second-largest by overall market value, Ethereum, down 26%, and bitcoin spinoff bitcoin cash — which was moving in the opposite direction to bitcoin earlier this week — down a whopping 38% in 24 hours, according to CoinMarketCap," they wrote.

Join the conversation about this story »

NOW WATCH: The CIO of a crypto hedge fund reveals why you should be cautious of the ICO bubble

• Getting the suite experience can be possible even if you're staying in a standard hotel room.
• Business Insider asked frequent travellers and experts for the things they always do to ensure they have the most comfortable stay possible and receive the best service.
• Their advice includes things like always arriving at your hotel on time, or requesting the room with the sofa bed.

Flying first class and staying in penthouse suites is every traveller's dream, but for those on a regular budget, it's hardly a reality.

But just like there are things you can do to make economy feel like first class, there are also ways you can make staying in a standard hotel room feel like a luxurious suite experience.

Business Insider asked a range of travel experts for the things they always do when they're booking or arriving at a hotel in order to make their stay as seamless and comfortable as possible — and get the absolute best service.

Here are 10 ways to make a standard hotel room feel like a suite, according to travel experts.

1. Tell the hotel what time you'll be arriving — and stick to it

This is what 20-year-old aviation expert Alex Macheras always does, and he said: "It means they often a better prepared for my arrival, including if it’s early morning — with a ready-made tea/coffee — or perhaps late at night, by ensuring check in is very fast so that I can head straight to sleep."

2. Take tips from past travellers

"I use 'Room Tips' on TripAdvisor to note down the most popular room numbers being mentioned," Macheras said. "Not all standard rooms are created equally, some are superior to others despite being the same category room. More often than not, rooms at the end of the corridor are slightly larger."

3. Always tell the hotel if it's a special occasion

If you're celebrating a birthday or anniversary, be sure to let the hotel know. "The front desk team will note it down, and help you celebrate in one way or another," Macheras said. "Every time I’m travelling to celebrate something, there is often cake, fruit platters, or Champagne in my room, upon my arrival to the hotel."

4. Ask for a deal or an upgrade

"Try to actually get a suite — if you arrive late, especially at an independent hotel, you might be able to buy a cheap upgrade if the hotel knows by that point that no one is going to book one for cash," said Rob Burgess, founder of air miles blog Head for Points. "This works better on shorter stays, as the longer you are staying the more risk the hotel takes by giving you a better room for a discount."

5. Get rid of hotel literature

"All of those brochures, leaflets, and stand-up cards on the desk, TV, side table etc. — put them in a drawer," Burgess said. "They kill the homely feel."

5. Ask for anything missing from your room

"Ask for extras that are 99% of the time free and included in the room, but may not physically be in the room," Macheras said. This can include a robe, slippers, or softer/firmer pillows.

6. Take the room with a sofa bed

"Many hotels advertise an extra sofabed in some rooms, often for the same price as a room with just a bed," Burgess said. "Take the room with a sofabed, even if you're not bringing a child. This guarantees that you will get the biggest standard room available, as they are the ones where the sofabeds get put."

7. Bring luxury with you

"I always travel with some mini travel candles, of either Cire Trudon or Diptyque, to have at hand as good smells and candlelight make everything prettier," said Emma Day, the celebrity makeup artist who spends most of her time travelling.

"I also always take This Works Pillow Spray as I’m often a bad sleeper and this is really soothing and seems to help. Also, I always take a rather old lilac cashmere Brora throw, which is not only quite luxurious looking but doubles up as a blanket if the heating is not amazing or there aren’t extra blankets. It’s so comforting!"

8. Make use of hotel loyalty programmes...

Even if it's your first time at the chain, you should register with the hotel's loyalty programme, according to Macheras, "so the front desk team are aware you have an interest to return, and therefore ensure they 'wow' you first time...which often means a room upgrade."

9. ...and credit cards

"Many chain hotels give out elite status with credit cards," said Burgess, who suggested looking into the following cards:

• American Express Platinum in the UK, which gives all cardholders Starwood Preferred Guest (Sheraton, Westin, W, etc.) Gold, Hilton Honors Gold, Club Carlson (Radisson, Park Inn) Gold, Melia Rewards Gold, and Shangri-La Jade status.
• IHG Rewards Club MasterCard, which is free, gives you IHG Rewards Club Gold status, valid at Holiday Inn, HI Express, Crowne Plaza, Indigo, InterContinental, etc.
• IHG Rewards Club Premium MasterCard (which comes at a £99 ($132) fee) gives you IHG Rewards Club Platinum status.
• Hilton Honors Platinum Visa (also free) gives you Hilton Honors Silver status and upgrades you to Gold if you spend £10,000 in a calendar year.
• Starwood Preferred Guest American Express (free again) gives you SPG Preferred Plus status for free and upgrades you to Gold if you spend £15,000 in a calendar year.

"Whilst you are never guaranteed an upgrade, having status with that particular chain will give you some benefits, will put you at the top of the list for upgrades, and will give you more clout if you do want to try to get an upgrade via cash or complaining," Burgess said.

10. If in doubt, find something to complain about

"I was, in my youth, a bit of an over-complainer because it was actually successful," Burgess said. "If you end up changing rooms, you are usually given a better one as compensation. Even not liking the view counts. Do this as soon as you check in as, once you've unpacked, it becomes a bit of a chore."

SEE ALSO: 5 easy ways to make an economy flight feel like first class

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NOW WATCH: This is one of the best responses to Jamie Dimon calling bitcoin a fraud that we have heard so far

• Interactive map from University College London's Energy Institute and data visualisation firm Kiln shows the movements of global merchant ships.
• Generally more than 50,000 merchant ships on the high seas, moving goods and commodities all over the place.
• Global trade is under threat from protectionist policies by populist leaders.

Shipping is vital for the global economy, with roughly 90% of all goods moved across the world by ships.If shipping stops, so does the world economy.

Global trade has been the subject of much scrutiny in the past year or so, with Brexit and the Trump presidency both seen by many as threats to the globalist agenda which has allowed the shipping industry to flourish.

So far, such issues have not materialised, and despite the shipping industry's problems, the number of active ships is still enormous — at any given time there are generally more than 50,000 merchant ships on the high seas, moving goods and commodities all over the place.

An interactive map, created by the data-visualisation firm Kiln and University College London's Energy Institute, shows the movements of all ships in the global merchant fleet during 2012, the most recent year with complete data. It illustrates the vast scale of shipping, as well as the complex nature of the industry, using a series of filters.

Here's how the map looks with every single filter switched off, meaning all routes and ships are shown at once:

The map allows users to filter ships by five types, each given a colour:

• Container (e.g. manufactured goods): yellow
• Dry bulk (e.g. coal, aggregates): blue
• Tanker (e.g. oil, chemicals): red
• Gas bulk (e.g. liquefied natural gas): green
• Vehicles (e.g. cars): purple

Kiln's map also shows the world's most important and busiest ports and the most commonly used shipping routes.

Here's how it looks when you filter things down to just container ships — those carrying shipping crates. Each dot represents an individual ship:

And this part of the map shows all of the globe's most crucial ports:

You can also delve deeper into individual parts of the world. Here's how things look in the English Channel, one of the busiest shipping routes:

And this is the Panama Canal, the quickest way between the Atlantic and Pacific oceans:

Along with being incredibly cool, and showing all the world's ships, the map has an environmental point, illustrating just how much fuel ships use, how much carbon dioxide they belch out into the environment, and how much damage that can potentially cause.

As a video accompanying the map says: "Commercial ships produce more than a million tonnes of CO2 per day. That's more than the whole of the UK, or Canada, or Brazil."

You can see the full visualisation below:

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NOW WATCH: This is one of the best responses to Jamie Dimon calling bitcoin a fraud that we have heard so far

• UBS says AI could boost banks' revenues by 3.4% and cut costs by 3.9% over the next three years.
• Investment and retail banks are looking at the application of AI for things like "robo advisors," chatbots, and compliance tools.
• But there are challenges to implementation, as most banks need to sort their data sets out to handle AI.

LONDON — Banks are getting excited about the potential of artificial intelligence in finance, with hopes that AI could both cut costs and boost revenues.

Artificial intelligence has advanced in recent years and financial services companies are now looking at its potential applications in both investment banking and retail banking. Advocates tout AIs potential in everything from bond markets to savings accounts.

"Based on our UBS Evidence Lab survey of 86 banks, an optimal scenario of limited disruption suggests AI technology could potentially lead to a 3.4% revenue uplift and cost savings of 3.9% over the next three years," UBS strategist Philip Finch wrote a recent note titled "Is AI the next revolution in retail banking?"

"I think the future of financial services is AI," Barnaby Hussey-Yeo told Business Insider. Hussey-Yeo is the CEO and founder of Cleo, a "chatbot" app that uses artificial intelligence to give people advice on how to optimise their finances.

"Fundamentally, what we're trying to do is build an AI that is near human in the way it interacts with your finances. Cleo should always be working on your behalf to help you take the best possible course of action," Hussey-Yeo said.

"The future is that you don't have to think so hard and worry about money in the way people do at the moment. You can simplify all financial services."

'There are huge areas of potential across the firm'

AI has come into particular focus in 2017 thanks to public successes such as Google's DeepMind beating Go world champion Ke Jie at the Chinese board game, which has traditionally out foxed AI, and warnings from figures such as Professor Stephen Hawking that huge, potentially dangerous, breakthroughs in the field are imminent.

UBS highlighted in its recent note that $11 billion has been invested into artificial intelligence since 2010. That figure is set to rise to more than $47 billion by 2020.

Advances in fields such as machine learning and natural language processing have particular relevance for finance, allowing investment algorithms to optimise themselves and for customer service bots to interact with customers. In short, AI now has the potential to tackle complex tasks once reserved for humans.

UBS, which highlighted its potential, has already launched a so-called "robo advisor" — a digital tool that uses machine learning to offer automated investment advice based on people's financial circumstances. Other applications include customer service chatbots, automated reporting, improved risk assessment, and tools to help sell-side bankers be smarter in their targeting.

"It's definitely something we're looking at," Craig Butterworth, global head of client eco-system at Nomura, told Business Insider when asked about AI. "There are huge areas of potential across the firm, front to back."

"On the front office side, there's this concept of helping people make the right call, to the right client, at the right time. Understanding what types of coverage they like to receive, what are the different activities that they're engaging with the firm with," Butterworth said. "Leveraging AI will enable us to do this at scale, near real-time and with minimal marginal cost."

Dutch bank ING recently launched a tool called Katana that uses "predictive analytics to help traders decide what price to quote when a client wants to buy or sell a bond."

Santiago Braje, Global Head of Credit Trading at ING Wholesale Bank, said in a statement: "With Katana, AI is applied to enhance the traders’ decision-making abilities, allowing them to deploy their natural intuition and expertise in the most effective way. This is a powerful combination."

'You won't only understand what happened, you understand why it happened'

London startup AiX is exploring the same territory as Katana. It plans to build a "chatbot" broker that would replace traditional voice brokers, such as Tullet Prebon, who traders currently call to get prices in over-the-counter markets.

"All AiX is doing is taking inputs from people who want to trade and inputs from financial market participants to get done what human beings want to do, in the best way possible," Steve Compton told Business Insider.

Compton recently left investment bank Citi after a 26-year career and became an advisor to, and investor in, AiX. Compton used to oversee teams of traders at Citi and said AiX's idea "instantly resonated" with him. He estimates that the tool could reduce brokerage fees by up to 50% or as much as 95% for the most illiquid assets.

"There is a cost if you have a very well paid broker sitting between two traders and that is reflected in the cost investment banks' pay," Compton said.

AiX also has the potential for "massive savings for compliance and massive saving by regulators," he said. The chatbot will record and log all the interactions with the trader. The internal logic of the AI engine is also fully auditable, meaning a regulator can check why the bot quoted a specific price at that time.

"It's a challenge for all organisations to know exactly how negotiations took place and what they meant," Compton said. "What is fact, what is evidence, what is banter, what is sarcasm, and what is a trade negotiation?

"With AiX, you won't only understand what happened, you understand why it happened."

AiX plans to test its service in the commodities options market, equity derivatives, and cryptocurrency markets next year. CEO and founder Jos Evans, a former commodities trader, said he is already in conversation with investment banks and the reaction so far has been "hugely positive."

"Traders have been really excited too," he added, explaining that there's a lot of "friction and frustration" in the current process. Traders can wait five minutes for a broker just to acknowledge their order in some cases, Evans said.

'You have to clean your data first'

But Nomura's Butterworth said banks shouldn't get carried away over the potential of AI just yet.

"With AI, you have to have your data clean first," he said. "Yes, we're thinking about the exciting elements but it's like building a house — you've got to get your foundations laid before you build your house on top."

Butterworth said Nomura has been undertaking such foundational work over the last year but it's a big job for all banks.

"Lots of people are excited about it, understandably because of the scale of the opportunity. But there's a difference between being excited about it and wanting to explore it, versus actually being ready to start launching these applications," he said.

Hussey-Yeo is also sceptical of how fully banks will embrace the potential of AI. He said: "As you grow a team, it becomes harder and harder to turn the battleship. [Banks] have got capital and they can hire people but its more inertia of the business model, the inertia of the traditional staff thinking."

UBS thinks that banks which "are quick to embrace innovation and new technologies, such artificial intelligence, will be well placed to maximise opportunities to improve revenues and efficiency while mitigating disruptive pressures."

"In contrast, banks that are slow to adapt and invest are at risk of losing their competitive strength, market positioning, and, ultimately, their earnings power."

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NOW WATCH: This is one of the best responses to Jamie Dimon calling bitcoin a fraud that we have heard so far