Bitcoin Forum

https://api.cointelegraph.com/amp/v1/news/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.”

If you can’t beat them, join them.

I don’t know if this is good or bad. Sound good but Wall Street being happy about bitcoin while it was created precisely against Wall Street and Central Banks makes me a bit suspicious. Anyway, it seems news like this will help massive bitcoin adoption.

And he did just that, Sep, 17th 2017 he bought 19 thousand + Bitcoin. Earlier that day, he stated Bitcoin and crypto currencies were a fraud.

Do you have a link to back that? My understanding is that that is illegal, although I’m not 100% sure.

Another article on my website regards to this topic guys. http://bitcoin-bug.com/2017/12/05/bitcoin-new-gold-says-jp-morgan/

This is great news. Having a negative news from a reputable bank and now they'r getting a totally different view is a big plus on bitcoin. This is a good breakthroigh. More skeptical people will put their hands down and join us.

LOOOOL give me a fucking break! and people wonder why bitcoin exists. it's because of these shady fu*king bankers that we need cryptocurrency, the only moral code they have is "more money for me and less for you"

Since when does some analyst represent the whole company? To me it sounded much like he just stated his own opinion that Bitcoin futures market will legitimize Bitcoin in the eyes of institutional investors. This guy might even get himself fired for these words if Dimon will read the news and find that his employee said something positive about Bitcoin. So please, don't create fake news with sensationalist titles, we've already saw a lot of times how people were claiming that some countries, usually Russia, is embracing Bitcoin, while in fact it was just some government official voicing his personal opinion.

I do not understand why people compare BTC to gold, especially since gold has no progression, its value is very stable

Oh I can answer that for you I am pretty sure this is amazing for bitcoin. First off nothing to be suspcious about they can't crash bitcoin even if they wanted to. Secondly, they already fudded the market hard and made BTC crash to 3k and probably snapped up as much as they wanted then. Now they are openly praising it because they probably have a good holding of it and would like to see it go up so they can sell. All signs point to good for me.

This going back and forth doesn't add much trust to them. I will believe when I see that they are actually adapting to changes that this technology brings, instead of denying it. Internet already reshaped many industries, and whoever did not adapt went out of business. Now it's their turn.

I guess old school Buffet will be joining the train sooner or later. He might even say- Now I understand what bitcoin is.

The big stock market houses and banks are going to start trading futures on cryptos- gambling that there gonna rise /fall
This is bad news for what we understand to be the crypto market. The prices will start to move in ways you wont recognize because they will be moved from the inside just like the stock market. Anyone with out inside knowledge of stocks will always get burnt in the long run, we dont have dinner meetings with  government ministers, law makers and other giants in the industry -they do. Bit by bit .. .. . this might get tricky.   : (

Couldn't agree more. Futures trading on crypto will artificially manipulate the price just like it does with gold and silver. It's an attempt at control, for sure.

I wrote on the sands once, actually I drew a girl's body, for testing purposes only, believe me, I'm not a pervert.

---

They own an empire, millions of people depend on them when it comes to fiat, now they are making you to depend on them when it comes to cryptocurrencies.

I fully agree on that point. I don't trust wall street bankers or anything related to them. They will try to make the crypto market work for them in the worst possible way. I have no idea how things will change once the futures kick in with the full force. I guess we will see soon enough.

This guy James Dimon the ceo of the sixth largest bank JPMorgan Chase said in the near past that bitcoin is a fraudulent thing and a pyramidal scheme and what not and now he's praising bitcoin as the new gold. This sudden change of mindset is because of the the great surge in the price of bitcoin probably or what else could be thw reason. James praising thw coin can also support the development of the coin even more I guess.

I wouldn't say they've "switched" - Dimon was always quite an outlier within his company and even being the CEO, he doesn't have as much power as he thinks he does.

I also strongly doubt that he believed his own statements about BTC - while it could be reasonable to suggest that BTC is in a bubble if you explain it well enough, suggesting that BTC itself is a "fraud" is simply false.

Notably though, crypto being the "new gold" seems to be a betrayal of BTC's previous values and the potential for it to actually be used as an alternative to fiat currency.  The article is extremely dismissive about this:
It's extremely disingenuous to dismiss important and legitimate criticisms of fractional reserve banking as "angsty teens".

in the end they are the ones who learn more after making the issue very controversial, in the end publicly revealed that JP Morgan is also actively investing with bitcoin, I'm not too surprised by this because they are not people who can easily conclude something negative without being directly involved. I think what dimons did some time ago did was a deliberate sentiment thrown in to see the market reaction and the world government.

I think this news scares me more than the previous occasion when they described bitcoin as a scam. These guys have proven to be scavenging vultures that just seem willing to follow the smell of rotten meat. If now they see with suspicious interest in bitcoin, maybe it's just to give it the kiss of Judas and sink him to get the maximum possible profits.

JPM is gearing up for a big dump when the futures go live. Whatever JPM advises you to do, the opposite is good for you.

jaimi daimon what you want is more banker money at last I say retailers or large can invest in bitcoin without intermediaries

Bankers being hypocrites? Surely not!

Recently read that article at coindesk and it definitely gave me a good laugh. Not about the article of course, but about the irony in it. It must be hard for Jamie to be taking all that, and no wonder we are seeing him very quiet right now.
For me this only proves, that most people still don't really know what they are talking about when it comes to bitcoin. You can't simply just change your mind like that, assuming you made a good research in the first place. So either he didn't, and he just took the safe approach that is to reject what you don't understand, or he really did tried to manipulate the market with his influence in order to buy cheap bitcoin. Either way, this looks really bad for the CEO of a big bank like JPMorgan.

No wonder we need bitcoin, in order to take back the control over our money, and don't leave it in the hands do kids like Jamie Dimon, that either talk without doing research, or just tries to manipulate us.

So, is Dimon going to make a public appearance and call their analysts idiots? Lol.

To be fair, we've always known that JPMorgan is friendly towards Bitcoins. I mean, they buy dips. The only problem is that Dimon also causes (or tries to cause) dips. They've already been exposed, but at least it doesn't look like they're trying to spread more FUD. Looks like the banking industry is starting to realize they need to welcome Bitcoin or they'll be gobbled by it.

Jeff Currie, chairman of investment products at Goldman Sachs Group, said Bitcoin is an investment product with many similarities to gold, but the movements that trigger investor concerns are due to lack of liquidity.

Currie speaking to Bloomberg TV; 'I do not understand this prejudice against Bitcoin. After all it is not much different from gold! Because there is no obligation to nature. Currie says that the two investment vehicles, which have many similarities, split up at one point, saying that they were controlled by 8.4 trillion dollars worth of machinable gold central banks in the world, but the bitcoin was in an uncontrollable state.

Currie and many investors have different opinions about Bitcoin. US business man Warren Edward Buffet says "a real balloon" for bitcoin, while billionaire entrepreneur Peter Thiel says that virtual money is being paid. Joseph Stiglitz, a Nobel laureate economist, commented, "Bitcoin is successful but we should pay attention to illegal transactions."

Currie recently said that Bitcoin is the same as other investment products, but it says that the original innovation is not in bitcoin but in blockchain.

This guys just gives troubles and they invest in large and even called Bitcoin is a Bubble burst it soon. JP Morgan or whomever can't give trouble to Bitcoin as they did in the past bad things and now why they want to be with Bitcoin?

I am laughing Bitcoin is called as New Gold may be it is for them, but for us it will be only Bitcoin Moon.

So it takes the likes of CME Group and NASDAQ to convince them that Bitcoin can be a legitimate asset. ^lol^ We are not looking for acceptance from JPMorgan, like a child from his parents, we are going to be the father of all commodities. Bitcoin has been the top performing commodity for two years in a row and JPMorgan cannot ignore that anymore.

Put that in your pipe and smoke it. ^smile^

 :D :D :D

They are so funny  :D

But well at leaste one enemy of BTC changed sides, which is nice.

For some reason many people who invest in Bitcoin, still listen to bankers, while one of the best features of Bitcoin is "not needing bankers".
Of course they'll say anything to drop the price, it's pure manipulation. After people fall for it and sell their coins cheaper, the bank buys them. Now they own Bitcoins, they're entering the next phase saying it's "new gold" to pump the price.

Who cares what bankers or anyone else says about Bitcoin? Just realize one thing: they're out to get you to sell your coins cheaper. Or more in general: they're out to get your money, and they are very, very good at it!

JP Morgan is not "reputable", it's the opposite: Is JPMorgan Chase America's Most Corrupt Bank? (https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/kotlikoff/2016/03/18/jp-morgan-chase-the-true-story-of-americas-most-corrupt-bank).

Of course they didn't change their mind, this whole thing was a setup from the beginning.

Not only JPMorgan,but all the wall street companies which once criticized bitcoin would have to take the U-Turn and praise bitcoin.They have no other option.They could not deny more the options to earn from the roaring business bitcoin.

They don't want to be left alone in the race.Situations started to change more once CME entered the bitcoin market and its rival CBOE decided to enter.

They just want to make use of the booming industry and make profits.That's why,they are contradicting to their previous stands.

It is possible to happen but as we all know they have their own pride, He might stand on what the words he said about Bitcoin unlike this plastic and hypocrite banker James Dimon. I don't what the intentions of James Dimon on his statements but i am sure that this guy is now a bad human on eyes of all cryptocurrency enthusiasts and all Bitcoiners.

I highly doubt this action, maybe his statements is to boost up the Bitcoin Futures for his own benefit of course, it will pump BTC and after reaching another new high they will sell their Bitcoins , easy generation of profit right?, If Bitcoin will recover again, they will release another FUD for that which makes a big dump on Bitcoin, It became a cycle on these Big Whales and Bankers. Don't believe on this guy, Don't believe on them, stay vigilant and observant on these schemes and drama.

when JP morgan criticize bitcoin it results in a big drop of its value, I think that It is just a tactics of JP morgan because when the value goes down he suddenly bought bitcoin. And now because he has an investment on bitcoin already then he will ofcourse back it up to increase his profit!

Never trust banking institutions, they have always been the demise of common man.
Remember 2008 subprime crisis, and that is one of the reasons why Satoshi created Bitcoin - trustless & decentralized electronic money.

I also think that you can not trust bankers.
Bitcoin carries a very big threat for them, so they will do everything to destroy it.
The true face of two-faced bankers we see in the head of the bank JPMorgan.

Due to Bitcoin's popularity, it is not easy to surpass or be equaled to. But, because they are against Wall Street and Central Banks, pretty sure local banks might join the protest sooner or later.

What Jamie Dimon did is a classic strategy from big players. Creates a FUD in the market then buy on the dips. The cycle just goes on and on. The only losers on this kinds of situations are the small market players. Their hard earned money has been pulled out after the crash. Hopefully we can regulate this kinds of scenarios in the crypto market.

I disagree with this part.
during times like this where there is manipulation and a big drop happening (we saw a similar example a couple of days ago just like JPMorgan's FUD and drop) only those lose money that have never understood the market. the newbies who just saw a big rise and wanted to get rich so they got excited and dumped a lot of money (more than they could afford) in bitcoin and then because they had no understanding of what is happening in the market they panicked and made some irrational decision.

this is not all the hard earned money, this is a smaller group with hard earned money but no brain. the rest who have a brain and know how to use it never lose money like this.

I would always be suspicious about WHATEVER JPMorgan would tell us. If they tell it is a scam, they want to push people to sell - so perhaps you shouldn't sell. If they say it's gold they want to push people to buy - so perhaps you shouldn't buy.