JP Morgan Changes Tune On Cryptocurrency
Last year the head of JP Morgan called Bitcoin a fraud and has largely been against cryptocurrency, but things are changing.
(Source)
JP Morgan moves around six trillion dollars a day and what their CEO says, has weight across all financial markets, and that includes cryptocurrency. Big investors are waiting for big banks to say that it is advantageous to look into the crypto markets. Until very recently, the banks have not encouraged investors.
Here is Jaimie Dimon bashing Bitcoin last September.
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Back in October, JP said that adding Bitcoin to the futures market would help add legitimacy. When the futures started on December 18th, Bitcoin has taken a major dive and is selling at below 50% of it's high currently. Again, Jaimie Dimon and JP didn't not have too many nice things to say.
Dimon continued to be "skeptical" on bitcoin and the crypto markets.
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Times are changing. Now Jaimie, one of the main critics of crytpo is now changing his tune. JP Morgan released a 71 page report called, "Decrypting Cryptocurrencies: Technology, Applications and Challenges". The report is not public but a copy was obtained by Coindesk and they describe a much more positive look at crypto.
In the article by Coindesk, JP Morgan is now saying that crypto could be a way to diversify portfolios and says they are "unlikely to disappear." That is a vast improvement from calling it a "fraud".
The report went on to say that the blockchain technology is vital to the future of banking and money. The report painted a slightly better picture of crypto. The timing is good too, the prices are low and now would be a good time for investors to get in. Only if you think the value will go up. By the change in attitude of Jaimie Damon and JP Morgan, the tides could be shifting in the markets.
The report from JP Morgan is just a stepping stone for crypto. A sign that we are moving in the right direction.
Wonder what they'll say next?
Thank you for reading.
Let me know your thoughts in the comments below.
Do you think the banks are starting to warm to crypto investing?
Honestly since discoverying Steemit. . I put all my assets into it, 100%.
I know people advise against this, but I am a functional person. I love Bitcoin, but it has issues and Lightning Network doesn't make sense to me. I love Ethereum, but it was taken down by cats. Again, not functional.
Steemit works. . . it's almost always a top search result on Google now too. The transaction times are 3 seconds, and the application overlays are endless and already amazing. Dtube, Dsound, Dlive, Busy, Zappl, plus endless communities. I barely visit Reddit anymore!
I'm sure Bitcoin and Ethereum have a future, but mine is on Steemit. There is no speculation here, everything works!
I think steemit has the potential to grow as well! I spend most of my social media time on here lol
I couldn't agree more. Steemit works, and plus there are bunch of new projects slated for the Steem blockchain which will help us as well. Thanks for the great reply and the awesome steemit optimism. You got a new follower.
I think the banks are getting involved, they want to get involved everywhere and then they inevitably have to allow kryptoinvests! Good Post upvote
Yeah, I think you are right. Thanks for reading. You got a new follower.
Not sure if you were implying this or not, but I got the feeling that when Dimon originally bashed cryptos last year, he was testing the waters to see how his comments would affect that arena. Wouldn't be surprised if he did some winkwink side investing after his comment-inducing crash.
Cryptos will eventually (Through Block Chain) make traditional banks obsolete.
I am sure banks will find a way to stay relevant. They have been doing so for hundreds of years.
well crypto is the only salutation
Ofcourse they see how its growing by time.
Alot of investors
Definitely the want to be involved
Useful article thanks
Banks have realized that crypto is here to stay and has been able to weather the storm of constant criticism and skepticism. They realize there is money to be made in crypto and want in on the action!
I always think about the original JPM senior passed on electricity, said it was so stupid and not to do it. (To his son JPM junior) he did it anyways with Thomas Edison and the rest is history... :)
Thanks for sharing. I’m fascinated by how the mainstream market is responding to cryptos. I’m no expert, but I think it’s inevitable that banks and other such institutions are going to have to come around to it in one way or another.
The fact that Steemit has managed to grab the attention of hundreds of thousands of people through genuine social media interaction is telling in itself. Things may take a while to change on a wider scale, but it’s the people/public (especially in big numbers) who ultimately have the power.