JPMorgan Switches Tact, Backs Bitcoin as New Gold

[CryptosapienZA]

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.”

[Don Pedro Dinero]

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.

[BitCoinKeeper]

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.

[Don Pedro Dinero]

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.

[bitcoinbug.com]

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

[Jonsnowstark]

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.”

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.

[mast3rm1nd]

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"

[hatshepsut93]

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.

[BTG-BTC]

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

[staywoke081]

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.

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.

[aestrum]

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.

[jonemil24]

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

[chacha66]

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.   : (

[ikilledcobain]

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.

[digaran]

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.

[salihno71]

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.   : (

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.

[Sasuke102001]

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.

[Xavofat]

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:

Instead of a flying in the face of the institutionalized banking system, Bitcoin looks like it has outgrown its angsty teen stages.

It's extremely disingenuous to dismiss important and legitimate criticisms of fractional reserve banking as "angsty teens".

[youdacapt]

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.

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.

[angaper]

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.