JPMorgan Says Bitcoin Crash Survival Shows It Has Staying Power

[Daniel91]

JP Morgan's strategists, Joshua Younger and Nikolaos Panigirtzoglou claim that during the crisis in March, bitcoin successfully passed its first real "stress test" 
They also argue that Bitcoin rarely deviates from its intrinsic value or mining costs in the last few months and so shows its resilience.
They say the market structure of BTC was “more resilient” than forex, stocks and gold 
"Cryptocurrencies largely survived the shooting range in March, indicating the longevity potential of this asset class," they added, "but price action indicates their continued use more as a means of investment than as a means of exchange or trade in value."
From this report, it seems that classic investors are increasingly falling in love with bitcoin.
What do you think about that?
Original report: https://www.bloomberg.com/news/articles/2020-06-12/jpmorgan-says-bitcoin-crash-survival-shows-it-has-staying-power
Another source: https://crobitcoin.com/j-p-morgan-bitcoin-je-prosao-prvi-stres-test/?utm_source=email&utm_medium=newsletter&utm_campaign=news

[LoyceMobile]

Those bankers are still in total denial, not willing to accept the cool reality: Bitcoin doesn't care about their opinion!

[so98nn]

price action indicates their continued use more as a means of investment than as a means of exchange or trade in value."
From this report, it seems that classic investors are increasingly falling in love with bitcoin.
What do you think about that?

This is enough and crucial for bitcoin community. Bitcoin as we know today is state of the art vision from Satoshi Sir which made its way through lots of huddles. I hope everybody remembers how different country panelist came together back in few years to get down bitcoin and blockchain as whole to avoid insecurities of the traditional banking system.

There were many countries later saw the real potential for use of BTC, Mining, & Cold storage could benefit and implemented it as true asset in their market.

I still think that BTC has long way to go since number of investors right now are not that much as compared to the population (literate) today we have. So there is still scope for it grow bigger than this.

[kryptqnick]

JP Morgan's strategists, Joshua Younger and Nikolaos Panigirtzoglou claim that during the crisis in March, bitcoin successfully passed its first real "stress test" 
They also argue that Bitcoin rarely deviates from its intrinsic value or mining costs in the last few months and so shows its resilience.
They say the market structure of BTC was “more resilient” than forex, stocks and gold 
"Cryptocurrencies largely survived the shooting range in March, indicating the longevity potential of this asset class," they added, "but price action indicates their continued use more as a means of investment than as a means of exchange or trade in value."
From this report, it seems that classic investors are increasingly falling in love with bitcoin.
What do you think about that?
Original report: https://www.bloomberg.com/news/articles/2020-06-12/jpmorgan-says-bitcoin-crash-survival-shows-it-has-staying-power
Another source: https://crobitcoin.com/j-p-morgan-bitcoin-je-prosao-prvi-stres-test/?utm_source=email&utm_medium=newsletter&utm_campaign=news

So that's what it's about! I've heard news about JPMorgan recently, about its change of stance on cryptos and even involvement in some crypto-related business. As always, they're looking for profit, and given the current situation they simply cannot deny that Bitcoin did better than stock during the crisis. I would not say I'm thrilled about this change of heart, however, as such institutions are enemies and Bitcoin and to me they always will be. They are focused on profits, and I'm afraid they might use their resources to invest heavily in Bitcoin to take significant control of the market.

[BrewMaster]

lol. someone should really tell these idiots that they shouldn't talk about the market that they have no understanding of.
a very quick look at 2017 shows that the worst time and biggest "stress tests" were happening in that year. what they refer to as "mining cost" is nothing in comparison! we had the civil war and the chain split scares, we had the spam attacks by many attackers, we had the real world attacks from including but not limited to JPMorgan itself, and a lot more. with all that bitcoin thrived and set a new ATH.
by comparison this is a walk in the part

[coolcoinz]

Those bankers are still in total denial, not willing to accept the cool reality: Bitcoin doesn't care about their opinion!

They will always try to manipulate the market which is why so many people find their sudden change of heart suspicious.
Most of us remember how Dimon used to say he'd fire employees who trade Bitcoin and now it's like they're saying "buy, buy, suckers, we're ready to sell what we've acquired in the last 2 years of bear market".

[rhomelmabini]

Then the next morning they'll call it a fraud again when the price fell down suddenly not realizing its volatility. They may have a good understanding of the financial markets but I think they are exercising just pure hypocrisy over Bitcoin (see my profile text), these bankers gonna bank.

[danherbias07]

Last time was pessimistic then back to being optimistic.
It's obvious they are just using bitcoin for their own profit.
Maybe not the real bitcoin but just the word "bitcoin" since it is getting a lot of attention in this quarantine period.

They will keep on doing this as long as they get a lot of attention.
A good twisted strategy indeed.

[Yaunfitda]

Last time was pessimistic then back to being optimistic.
It's obvious they are just using bitcoin for their own profit.
Maybe not the real bitcoin but just the word "bitcoin" since it is getting a lot of attention in this quarantine period.

It's because they can't really deny that bitcoin is really resilient. Remember the argument that it is not supposedly a hedge against pandemic and that bitcoin was an epic fail because it massively went on a downward spiral? But look at how the price bounce back, LOL. If they don't recognized it, those banker sare really stupid or still in denial phase.

They will keep on doing this as long as they get a lot of attention.
A good twisted strategy indeed.

Twist as much as they want to feed their narratives, but they can't refute the fact.

[jseverson]

Those bankers are still in total denial, not willing to accept the cool reality: Bitcoin doesn't care about their opinion!

Investors do though, as sad as it is, and even sadder still, majority of Bitcoin users are still more investors and less enthusiasts. Either way, this wave of news is a welcome departure to bankers calling Bitcoin a bubble every chance they get (not that it mattered then though lol).

lol. someone should really tell these idiots that they shouldn't talk about the market that they have no understanding of.
a very quick look at 2017 shows that the worst time and biggest "stress tests" were happening in that year. what they refer to as "mining cost" is nothing in comparison! we had the civil war and the chain split scares, we had the spam attacks by many attackers, we had the real world attacks from including but not limited to JPMorgan itself, and a lot more. with all that bitcoin thrived and set a new ATH.
by comparison this is a walk in the part

Weren't they talking more about Covid and investor mentality rather than underlying fundamentals? I mean, when prices crashed I honestly didn't expect it to bounce back so soon considering how bleak the pandemic situation looked like at the time -- the fact that it did signals that people actually believe in Bitcoin's longevity.

[crwth]

It's a great thing for us. For Bitcoin supporters, as more people will invest and more usage of any type of cryptocurrency, it will be accepted more by people. It's not as they see it where it's being used for scams or something like that. If there are more big companies who would support it, it is for the better overall. It's no surprise for me to see people HODL-ing. That's probably why there are less means of exchange because many people want the price to go even higher.

[davis196]

Those bankers are still in total denial, not willing to accept the cool reality: Bitcoin doesn't care about their opinion!

Bitcoin doesn't care about their opinion,but some Bitcoin users are constantly posting their opinion on this forum.
Can we please stop posting JP Morgan related articles on the forum?The views of their analysts,strategists,traders and bankers have zero value for me,since the FUDster Jamie Dimon was shitting all over Bitcoin years ago.That bank (and all the other banks) cares only about money and profits.They have zero respect towards the blockchain technology and the concept of Bitcoin Core.
Inviting such bank into the cryptocurrency world is like inviting a thief to your birthday party.

[Yatsan]

Sadly, they only view it as an investment of sorts, not what it was intended for, an anonymous way to be used as a transaction. Just goes to show how Bitcoin is indeed getting famous by the day, but also deviating from what it's supposed to be. Still really, we don't really need banks or any FUDsters in the past to believe us, Bitcoin has stood strong for a decade, withstanding all their shitposts about how Bitcoin isn't going to last and the like. Banks are fools, Bitcoin rules .

[DoubleEdgeEX]

At least they acknowledge it now. I need to share this pic since I think it fits: https://ibb.co/X7PjN3P

[Anonylz]

Those bankers are still in total denial, not willing to accept the cool reality: Bitcoin doesn't care about their opinion!

Bitcoin doesn't care about their opinion,but some Bitcoin users are constantly posting their opinion on this forum.
Can we please stop posting JP Morgan related articles on the forum?The views of their analysts,strategists,traders and bankers have zero value for me,since the FUDster Jamie Dimon was shitting all over Bitcoin years ago.That bank (and all the other banks) cares only about money and profits.They have zero respect towards the blockchain technology and the concept of Bitcoin Core.
Inviting such bank into the cryptocurrency world is like inviting a thief to your birthday party.

Really,  thank you for pointing this out, btc community don't care about the opinion of this financial institution guys, yet many hang onto their every words, post it on various social media platforms, give it the attention it does not necessarily deserve 
If we don't care, then we shouldn't even bother about what they have to say at all let alone post it here or in other platform,

This guys only says what is convenient for them or things that will make them appear relevant before their followers in social media, no real interest in blockchain technology and btc, just attention seekers in my opinion.

[pooya87]

btc community don't care about the opinion of this financial institution guys, yet many hang onto their every words, post it on various social media platforms, give it the attention it does not necessarily deserve

it is because many do care about what these corrupted banksters say!
it makes no sense to many of us, i know; but it is a reality that we can not deny. remember 2017 when their CEO spread FUD about bitcoin and caused a panic sell? that is a good indication of how there are still many newbie weak hands that do care about their statements for some unfathomable reason. and it is not just price, it is the adoption too.

[maenauaras]

Classical investors will not buy Bitcoin unless they get some reassurances from governments and some legal papers.
The price fell horribly during March, but we are back wonderfully to $ 9000 levels, which means that it is possible to rise further in the near future.
Bitcoin recovered from the crisis much faster than the recovery of all other assets and therefore it is a good point, but the price is still fluctuating strongly.

The real test will be in the coming months.

[LogitechMouse]

I will support them if JPMorgan will apologize to what he said in 2017. This is what he said
"Bitcoin is a fraud that will eventually blow up".

Whatever these banking owners say to Bitcoin, we users doesn't care about it. They thought that what they are saying will help boost the price of Bitcoin but it isn't. Stupid bank owners especially JPMorgan who is criticizing Bitcoin 3 years ago and now he is supporting it.

[HeRetiK]

Those bankers are still in total denial, not willing to accept the cool reality: Bitcoin doesn't care about their opinion!

Those statements are not for Bitcoiners; they are for everyone else. So that later on JP Morgan can say "See, we told you all along that Bitcoin has potential. Come buy your Bitcoin shares from us!"

Bitcoin doesn't care about their opinion,but some Bitcoin users are constantly posting their opinion on this forum.
Can we please stop posting JP Morgan related articles on the forum?The views of their analysts,strategists,traders and bankers have zero value for me,since the FUDster Jamie Dimon was shitting all over Bitcoin years ago.That bank (and all the other banks) cares only about money and profits.They have zero respect towards the blockchain technology and the concept of Bitcoin Core.
Inviting such bank into the cryptocurrency world is like inviting a thief to your birthday party.

Amen to that.

[btc_angela]

Sadly, they only view it as an investment of sorts, not what it was intended for, an anonymous way to be used as a transaction. Just goes to show how Bitcoin is indeed getting famous by the day, but also deviating from what it's supposed to be. Still really, we don't really need banks or any FUDsters in the past to believe us, Bitcoin has stood strong for a decade, withstanding all their shitposts about how Bitcoin isn't going to last and the like. Banks are fools, Bitcoin rules .

It's deviating from Satoshi's original vision because obviously it is being traded all over the world. Bitcoin has survived a lot of test, specially the Mt. Gox heist, and I do believed that we are going to be in front for the next five years as this revolution is really unstoppable. And JPMorgan and others making a U-turn only shows that they have seen what bitcoin can bring in the table for them. They don't need to look at it as competition.