From "Fraud" To "Portfolio Diversification" - JPMorgan Attitude Towards Crypto During The Last Few Months

in bitcoin •  8 months ago

I'm sure you've seen the news about JPMorgan report in which cryptocurrencies are seen like a "potential diversification portfolio". If you didn't, you may start from here, where you can read a rather comprehensive analysis of it.

But if you don't have time, I'll give a TLDR in 3 blurbs. According to that report, JPMorgan considers that:

  • cryptographic assets are real assets
  • blockchain is an opportunity
  • if regulated, crypto is nice

This is such a long way from Jamie Dimon's statements a few months ago, in which he called Bitcoin "a fraud".

A dramatic shift in position, at such a high level, should be very carefully studied, because this is not coming from a friendy chat between two geeks over a couple of beers. The people who wrote this are not "blockchain enthusiasts" and this is not wishful thinking. This is the position of one of the biggest traditional financial institutions out there.

And this 180 degree pivot tells me two things:

  1. They realized the crypto revolution is for real, and they're somehow scared.
  2. They realized being scared doesn't help, so now they want a piece of the pie.

Of course, we're still a relatively long way until we can pay with Bitcoin, Steem or SBD at our favorite coffee shop, no matter where it's located.

But the good news is that we're clearly heading there, full speed.


I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.


Dragos Roua


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Indeed we are heading in the right direction with all those regulations in place, many countries have recognized cryto-currencies as an "Asset" or considered it as "Movable property" and appropriate regulatory permission and taxes are applied, hence getting legalized in many countries much sooner than expected. We are not at all away from paying with BTC or SBD for our regular purchases...

The only way there will be acceptance of cryptocurrency is for banks to adopt and use it as a form of fiat currency. Hate to not have bankers invest in crypto because they love to manipulate prices, but it has to be as the current status quo is bankers have the control of world's assets. If in the future decentralization can replace bankers that would be great. I am not giving up hope. Thanks.

Cryptocurrencies aren't fake >.<!!! They behave very differently. Economists usually analyse them the way they analyse stocks, not currencies. They may lose value, they may get value, but they have value as long as people use them.

Will the value fall in the future? Maybe it will, maybe it won't, but it'll just be the inevitable future for an asset in a variable context.

Who are we going to blame now of being the Antichrist of crypto if Jamie Dimon is no longer saying cryptocurrencies are a fraud? I wonder what Max Kaiser will say in his show about this lol.

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We still have Nouriel Roubini, so I think we're safe here...

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And Paul 'Fax Machine' Krugman!

yup..what Ghandi said.

When they say money they come like all the others not matter what they said before now they see the money

They were afraid thats why they called it fake. They called it fraud because they wanted to undermine it. They tried shorting it so that people panic sell and never comeback. When they failed to do all of these now they are accepting this ugly this truth that cryptos are here to stay.

incep sa isi dea seama de puterea crypto!

Jamie Dimon's position reminds me of Warren Buffet's position on investing in the internet revolution. Warren Buffet did not fully understand the internet and the potential in internet based companies and as a result did not invest in them.

I am sure if you spoke to Warren Buffet today he would have looked a lot closer at the start of the internet era.

I think Jamie has probably realised that the comments he made were said without much analysis on the subject and now he realises he needs to reassess his position.

For me it just reinforces what exciting times we are living through right now. It is still going to be an absolute roller coaster ride with many more up and downs, but bit by bit it will become more and more pervasive in everyday life.

The Steemit platform is such a great platform for promoting the potential of blockchain technology. In recent days I have spoken to people who are not very tech savvy and only understand the real basics of blockchain technology and the idea of Steemit really excites them as it has a real world application that they can relate to.

Jamie Dimon doesn't like anything that would endanger the centralised structure that made him a millionaire. Who would?

JP Morgan [Chase Fleming] represents the very core of the establishment. If they had a stake in or control over Crypto, they'd be singing its praises on the mountains.

These same companies trade CFDs and Spreadbet 'stocks', which are basically gambling stocks - speculation on what the market will do.

The end of the article makes me want to open a coffe shop where people can pay with Steem. It would be such an innovation!

I heard something from a guy who easily sees and describes larger pictures. The quote is from memory:

Big corporations (my note: I include here monstrous financial institutions like JPM) never disrupt. They get disrupted. The only way for them to survive is to buy those who disrupt.

Goldman Sachs has seemingly taken over the disinformation torch. Do a search for 'Goldman Sachs Bitcoin' and you get some gems from the past month or so.

"Most cryptocurrencies will crash to zero, Goldman Sachs says"
"Goldman Sachs Report Warns Investors of Bitcoin 'Bubble'"
"Goldman Sachs says 'the bar looks high' for bitcoin to thrive"

And then we also have...

"Goldman Sachs Says Cryptocurrencies May Succeed"
"Goldman Sachs Admits Bitcoin is Real Money"

And funnily enough, before all these other headlines...
"Goldman Sachs launching trading desk for bitcoin"

Another investment bank scared as hell, with no clear idea what to do except get on the gravy train and then issue statements to manipulate the public (and price).

Thanks for the run down, I hadn't seen that good news. Hopefully, it can help the BTC price stay above $8000.

I have joined Steemit a few days ago, unfortunately Bitcoin is not yet in our country.
I think it's a bad news for me, I'm deprived of Bitcoin. . Thank You @dragosroua

If you can't beat them, join them?

This is great news! If JPMC can say something like this, we have to acknowledge that the banks have started to turn around. Regulations if not implemented in archaic ways can actually be good since that will remove the uncertainties to a large extent.

Bitconnect was and is a scam. Most people knew that and yet, people with low morals keep sending those lambs to the slaughterhouse .... Invest what you are prepared to loose they said ... Lets hope it ends quickly.

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There are scams, but this post is not about the scams built on cryptocurrencies, but about cryptocurrencies themselves and whether they're a scam or an asset that can/should be invested on.

"JPMorgan Report: Crypto Could One Day Help Diversify Portfolios" Translation: Buy crypto now! lol

cryptocurrencies will disrupt some of their businesses. At least if they realize that and take advantage of the growth oportunnity thats good for them. But in future cryptocurrencies will disrupt them.

funny side i heard about JP Morgan news before is that he wanted to fire any employees who will invest in crypto, crazy man lol

always great that you keep updating us, good reads @dragosroua ;)

Sure they are everybody understand that nothing can stop the crypto revelation

jp morgan and the gang back in the business

When Coinbase sent me an email telling me that Chase and other credit card companies were billing bitcoin purchases as cash advances, something rang in my head.
These guys, after telling us it was a FRAUD (a fraud, not a bad investment) are basically telling us that cyrptos are the future of money and 1. they're scared because WE are holding too much of it 2. it's time for them to cut a slice of cake.

That's astute. They know it's a danger to their system of control. They have changed their mind from fighting it, because it's like trying to hold back the wind. Now they want to profit from it. And they can do so at lower prices since they've been helping spread FUD. And it's totally legal. :(

They hate the new thing first and then start to change their minds. These are some of the acceptance steps.

back to back coming across your post and realising how deep ocean of knowledge you have ..
@dragosroua