Big Banks Flip Flop on Crypto & Bearish Sentiment
After Jamie Dimon called Bitcoin "a fraud", JP Morgan is evaluating a cryptoasset strategy moving forward. This on the back of Goldman Sachs creating a Bitcoin trading desk, I think will be the start of major banks rushing into crypto to avoid getting left behind by the competition. Let's also have a look at the good old bearish sentiment on Reddit.
"JPMorgan has asked a 29-year-old highflier to draw up a cryptocurrency strategy"
http://www.businessinsider.com/jpmorgan-ask-oliver-harris-to-explore-cryptocurrency-strategy-2018-5?r=UK&IR=T
"Why is it that crypto goes down every f'ing day"
https://www.reddit.com/r/CryptoMarkets/comments/8kckvr/why_is_it_that_crypto_goes_down_every_fucking_day/
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Jamie Dimon is an un-indicted criminal and has done his part to destroy the economy, this is just par for him.
that is great posting for criptocurrency
The best posting.
We have been hearing for some time now that the major financial institutions in the United States have start to disclose on their quarterly reports the risk that blockchain technology and cryptocurrencies pose for their business models. As the new technology has the potential to cut out the middleman in financial transaction, the money center banks are growing concerned on the potential implications to their business.
Most have started to jump on the bandwagon and start deploying capital into the space through seed funding of potential fintech startups in the blockchain space. Financial Institutions have been one of the main investors of said funding as they have invested in over 20 firms since 2015 with over $300 million invested according to industry reports.
Some of the institutions involved are the likes of major financial institutions and leaders in their United States industries: Citigroup, CME Group, Goldman Sachs Group, JP Morgan Chase, Nasdaq and Wells Fargo. JP Morgan Chase, whose CEO Jamie Dimon has gone as far as calling Bitcoin a fraud, has even created their own startup called Quorom to develop blockchain technology in the banking space. However, they have since looked to spin it off as it has had the consequence of separating them from the rest of the industry which is still competitive in nature.