JP Morgan says large firms will not follow Tesla's bitcoin move

[cyriljundos]

i think its a strategy, we know that tesla invest large amount of money putting risk in bitcoin and tesla trusting digital currency. tesla corp knows that bitcoins will be soon to be very successful and that jp morgan for me is also investing in bitcoin, he said that for strategy purposes only, its my personal saying about this matter.

[1714972878]

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[1714972878]

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[Altcoinsintel]

I see bond yields rising and this means there will be less liquidity. I doubt there will be inflation higher than 2% for this year and probably for the next one either. In fact I see this year a lot of businesses going down as QE has reached the maximum with the upcoming deals and after the coronavirus ends those companies that don't perform will go bankrupt without any more government aid, as there won't be any excuse left. JPMorgan is playing games with Bitcoin for months, and obviously the funds controlled by this bank have lately sold, while they had a large position back in the summer. It is like that for JPMorgan, they buy then shill, they want to buy lower they bring the bad news.

[judeafante]

i think its a strategy, we know that tesla invest large amount of money putting risk in bitcoin and tesla trusting digital currency. tesla corp knows that bitcoins will be soon to be very successful and that jp morgan for me is also investing in bitcoin, he said that for strategy purposes only, its my personal saying about this matter.

I'm also thinking that way they are one of the leading investment company, but they are thinking differently, they should go where the gold is, but they are not going, like what PayPal and Tesla, and other institutions are doing, maybe they are playing strategy and will just announce later, just like what PayPal did, we'll know that soon.  

[0t3p0t]

While the crypto community expects more large firms to emulate Tesla’s Bitcoin purchase, JPMorgan’s strategists don't think it will happen.

https://cointelegraph.com/news/don-t-expect-large-firms-to-follow-tesla-s-bitcoin-move-jpmorgan-says

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Interesting development:

Twitter looking into Bitcoin payments for employees

https://www.investing.com/news/cryptocurrency-news/twitter-looking-into-bitcoin-payments-for-employees-says-cfo-2415289

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Does anyone get the feeling JP Morgan is inaccurate here.

The natural scenario appears to be one where most flock to BTC and crypto in the near future. If inflation rises. Prices trend upwards. And concerns about lockdowns coupled with stimulus spending mount. Employees and the private sector will naturally embrace previous metals and BTC in an effort to insulate themselves from negative effects associated with fiat devaluation, inflation and stimulus spending.

I remember a time around 10 years ago when many europeans thought the EU would fail and euro would devalue due to concerns about greece. Many in europe bought big screen TVs and other items, to retain the value of their money, expecting the euro to crash.

I would be interested to know why JP Morgan says history would not repeat itself here.

It could be that these large firms are waiting for a much cheaper entry to Bitcoin since the current price is higher than previous years. They might avoid buying from the peak and go for a bit dip to jump in. History in crypto most especifically in Bitcoin might repeat but not the prices because it is hard to say we are going backwards like $3,000 again too long to wait for that, maybe $20k or $30k would be great but we don't know when.

[Betwrong]

i think its a strategy, we know that tesla invest large amount of money putting risk in bitcoin and tesla trusting digital currency. tesla corp knows that bitcoins will be soon to be very successful and that jp morgan for me is also investing in bitcoin, he said that for strategy purposes only, its my personal saying about this matter.

I agree, JPMorgan's strategists could say negative things about Bitcoin in hopes that it might impact prices in the negative way. They just want to buy low. But in fact nobody knows what's "low" for BTC today. They might miss the train.

[SquallLeonhart]

Even at the current stage of bitcoin, we shouldn't underestimate the mind of human because it's dynamic for every second. I have this feeling and thought that most of this popular companies are into cryptocurrency but they are yet to go public perhaps the fear of SEC and its news effects on their share.

Why is everyone saying that they aren't investing in bitcoin or other crypto currencies because they fear SEC? As far as I know, SEC or any financial regulatory body cannot stop a company from investing in crypto currencies or any assets. As long as they follow business laws and everything properly, they can do whatever they want.

They have no idea what SEC is doing, that Is why, they do not even know what SEC stance is in bitcoin that Is the reason. Reality is that you can buy and sell and do whatever you want with crypto and nothing will happen, it Is not really something that you should be worried about and SEC will be helping everyone out, but for some reason people are unaware of this situation and that is why they are afraid.

I personally do not live in USA but if I lived there, all I would do is find an accountant that is good at this kind of stuff and would just simply pay him to help me with taxes and laws and I would do whatever he allows me to do, obviously there could be something not allowed but aside from that regular buying and selling is allowed and I would simply pay the taxes of my profits and move on. That Is what these huge companies do because they already have in house lawyers and such.

[fillippone]

JPM is moving on various plan on Bitcoin.
There is a flurry of reports from them: the latest is a presentation deck for their private clients, UHNW Individuals with more than 10 Mios $ of financial asset allocation.

JPMorgan tells private wealth clients that bitcoin can be a portfolio diversifier 'if sized correctly'

In a slide entitled "How others are valuing crypto?" the bank broke down three commonly used metrics taken by market participants that "suggest significant upside [of bitcoin] is possible."

Under the so-called Metcalfe's law, which suggests the value of a network is proportional to the square of the number of users, bitcoin's per-coin valuation would be at $21,667.

If comparing the current global value of gold to bitcoin by using the 21 million max supply of bitcoin, then bitcoin's valuation would be at $540,814. Finally, if applying the global value of money supply to the max supply of bitcoin, its value would be $1.9 million.

[ven7net]

Does anyone get the feeling JP Morgan is inaccurate here.

The natural scenario appears to be one where most flock to BTC and crypto in the near future. If inflation rises. Prices trend upwards. And concerns about lockdowns coupled with stimulus spending mount. Employees and the private sector will naturally embrace previous metals and BTC in an effort to insulate themselves from negative effects associated with fiat devaluation, inflation and stimulus spending.

I remember a time around 10 years ago when many europeans thought the EU would fail and euro would devalue due to concerns about greece. Many in europe bought big screen TVs and other items, to retain the value of their money, expecting the euro to crash.

I would be interested to know why JP Morgan says history would not repeat itself here.

I also follow the information around BTC and see how many companies want BTC and other cryptocurrencies, but the price is already biting. Based on this statement, JP Morgan looks somehow not convincing. The fact is that sooner or later the stock market will fall again and will no longer be able to rise, and then many companies will lose all their earned money. What should they do now? It's a good question and it is likely that one of the ways out of this situation will be BTC and other crypto assets. Perhaps some of the companies are already buying, but hiding it. No matter how it was, the situation on the markets is increasing and probably we will soon see interesting events and find out what exactly it was necessary to invest in.

[darewaller]

We don't know their true motive why they are saying such statement.

From what I can see, the motive is to try and stamp his authority but he can't take decisions for others and if Tesla can accept bitcoins, there is every reason others might follow the same path. I was searching for JP Morgan net worth and it looks like $25 billion which is an astounding number but still way less than of Musk's and I think more people follow and admire Musk than Morgan.

I believe, I have had enough with JP Morgan. They can't dictate other big companies not to follow Tesla's move.

I think the same and not sure why his statement are even being taken so seriously because every company has their own right to decide and I heard some companies are offering their employee salary in bitcoin so its a positive move.

[uneng]

Binance CEO Changpeng Zhao says his cryptocurrency exchange is seeing increased 'institutional adoption'

According to Zhao, Saylor's move may have pushed more institutions into crypto, and data from JPMorgan backs up his beliefs. A survey carried out by the investment bank found that 22% of institutional investors at firms that don't currently trade in cryptocurrency believe their companies are likely to do so in the future.

JP Morgan is a bit contraditory. At same time his data indicates bitcoin is under a popular demand among institutional investors, he says large firms aren't going to follow through this way.
The facts are showing institutional adoption is happening, no one wants to miss the bitcoin train right now and I believe those who say the opposite are bluffing.

[RealMalatesta]

JPM is moving on various plan on Bitcoin.
There is a flurry of reports from them: the latest is a presentation deck for their private clients, UHNW Individuals with more than 10 Mios $ of financial asset allocation.

It was always good to see that JP Morgan itself would be interested with crypto, not just bitcoin neither, in all of crypto, it is also obvious that they are not going to come out and say "sorry, we were mistaken about bitcoin, it is awesome" and that is why it is obvious that they will offer it to their customers and not say anything in public that would promote bitcoin.

I have to say if they were smart enough to put 10% of their whole cash reserve into bitcoin, they would have been insanely richer, they would have provided so much money to their customers, and they would have made a lot more profit for themselves as well. It is a shame that some people in business world are stubborn, market doesn't care about your feelings, market doesn't care about your thoughts, market only cares about making money and it doesn't matter if you are JP Morgan or another company, they will not listen to you when they can make money on the opposite side.

[oHnK]

i think its a strategy, we know that tesla invest large amount of money putting risk in bitcoin and tesla trusting digital currency. tesla corp knows that bitcoins will be soon to be very successful and that jp morgan for me is also investing in bitcoin, he said that for strategy purposes only, its my personal saying about this matter.

I agree, JPMorgan's strategists could say negative things about Bitcoin in hopes that it might impact prices in the negative way. They just want to buy low. But in fact nobody knows what's "low" for BTC today. They might miss the train.

 If they do what you say, that strategy is too cheesy.  JP Morgan classmates fry up the issue just to make the price collapse.  I'm not sure that will happen.  They do not fit the timing of the hype that spreads to many large companies.  Their way is like beginners but bodies like whales.