Earlier in the week we saw crypto prices having steep drops. Rumors was Goldman Sachs leaving the crypto trading business. Well news is out and CFO is saying that is “fake news”. As some have speculated there are people trying to scare crypto holders into selling cheap so they themselves can buy in at lower prices.
There are also news articles writing about banks trying to adopt more of cryptocurrency into their company. For instance Fidelity which is head quartered in Boston, MA has devled into cryptocurrency for a couple of years and is now trying to hire crypto experts to develop and apply cryptocurrency within its company.
An even bigger bank, CitiBank, top 4 banks in America, has admitted they are interested in cryptocurrency as well. The bank has not officially come out with the admitted interest but has been doing their own due diligence. I personally believe if they are doing any research it will likely mean they are definitely involved in cryptocurrency.
Another big bank, JP Morgan came out with their internal opinion and quoted, “cryptocurrencies are here to stay.”
In the public JP Morgan actually are against cryptocurrency all together. Recently they banned their credit card members from purchasing crypto and CEO Jamie Dimon has come out saying cryptocurrency is a fraud.
The bank’s internal report mentions that although prices are volatile there are many investors who are holding their cryptocurrency investments for a long time unlike any other type of investments. The holders are true believers and the bank expect prices to sooner or later rise.
10 years or 20 years from now posts like this one will be in the rear view mirror. The banks have been here for centuries and for them to start adopting cryptocurrency is one more proof that the technology is here to stay. The focus now is to finding what coins will stay in the long run.
If you have been scared of the recent price drops I am here to remind you that this is cryptocurrency in its infancy. Whether or not prices fall further would by no means have any effect on the future of crypto. The future is very bright. It make sense to only invest in the coins you believe will succeed rather than just invest in crypto. To hold a coin long you must be a believer and participate in its development. Steem for example is dependent on the success of Steemit. Steemit is a blog and a place for people to share their lives and knowledge to the world.
Date of post: 9/7/2018