Now this news is really surprising. JP Morgan goes 180 degrees now on Bitcoin. Like the saying goes, if you cant beat them... join them.
I guess these dinosaurs realized they cant kill/destroy bitcoin, so they decided to join the "Gold Rush" and make good money from it too.
https://api.cointelegraph.com/amp/v1/news/jpmorgan-switches-tact-backs-bitcoin-as-new-goldQuote
JPMorgan Switches Tact, Backs Bitcoin as New Gold
After Jamie Dimon drew a line in the sand for JPMorgan, calling it a ‘fraud,’ the company has once again stepped over that line, praising the digital coin as a ‘new gold.’
Analysts at JPMorgan believe that Bitcoin has changed its shape and that it could soon be joining gold as a reliable, long-term way to store wealth. Recent growth and recent changes have seen Bitcoin lean more towards being digital gold, and this is where JPMorgan see its value.
“Potential to elevate cryptocurrencies to an emerging asset class”
According to JPMorgan analyst Nikolaos Panigirtzoglou, the incredible spike in the value of Bitcoin is allowing it to start competing as an asset class; and seemingly at the same time drop out of the currency race.
There are changes afoot in the Bitcoin market, especially when it comes to making the digital currency easier to invest in. Panigirtzoglou said:
“The prospective launch of Bitcoin futures contracts by established exchanges, in particular, has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors.”
Good news for banks
Around the time Dimon was spurting his rhetoric on Bitcoin, there was a feeling that the banks and Bitcoin were in a battle royale. The one was being challenged by a young upstart of a digital currency, and losing ground.
Banks were nervous of Bitcoin as a currency and how it could liberate people from the clutches of the government-backed fiat, however, that fight has died down somewhat as the future is now aimed at accumulating the valuable asset.
Instead of a flying in the face of the institutionalized banking system, Bitcoin looks like it has outgrown its angsty teen stages.There is now a literal digital gold rush as the fear of missing out sweeps the globe.
This coming 2018 year looks beautiful for the cryptoworld.
This post was edited by Golden_Order on Dec 5 2017 05:37pm