JPMorgan Switches Tact, Backs Bitcoin as New Gold

[Maren]

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.

[jeffer8035]

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

[flippener]

Bankers being hypocrites? Surely not!

[patt0]

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.

[jseverson]

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.

[newguy05]

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.

[endlasuresh]

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.

[Kakmakr]

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^

[User365]

 

They are so funny 

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

[LoyceV]

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.

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!

Having a negative news from a reputable bank and now they'r getting a totally different view is a big plus on bitcoin.

JP Morgan is not "reputable", it's the opposite: Is JPMorgan Chase America's Most Corrupt Bank?.

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

[filharvey]

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.

[rjbtc2017]

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

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.

[kiddeon123]

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!

[Alpha0One1]

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.

[icanscript]

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.

[immunitychilly]

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.

[heisenberg0000]

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.”

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.

[Pursuer]

... 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.

[WhaleHunter]

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.