Banks banking on Cryptocurrency
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.
https://www.barrons.com/articles/how-big-are-fidelitys-bitcoin-ambitions-1528319120
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.
https://cryptocoin.news/news/citibank-showing-serious-interest-in-crypto-exploration-18582/
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
Banks are in the business of making money. They know they can make money in crypto. Further more, they can use their massive leverage to exert pressure on these markets to do what they want to create profits. We can look no further than the drop that happened a couple days ago. I bet a couple banks made out quite well from those dips in the market.
Although I am in crypto for the long haul, this last dip along with the many dips this year, is the exactly reason why I buy into the red and immediately sell when it hit green with about 8-10% profit, rinse and repeat. There will come a time when I will buy and holdr, but that time is not yet.
Likely you are doing a smart move. I held on and now close to 80% loss. It is not looking good and I have a feeling it will go lower too.
Aww man, I'm sorry to hear your situation of 80% loss. I know a few friends in the same boat. There is not much you can do except hodlr and hope or cut your losses and try to recoop of some it by doing what I do. It'a a tough situation to be in, but I wish you the best. I hope that in the long run, the pains that you endure now will fruition into joyous profits.
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