JPMorgan Chase bank backs Square's $50m Bitcoin investment

[Bitcoin_bullish]

Major crypto media and financial news are reproducing today a Coindesk report on Square's investment on Bitcoin.

It describes a recent analysis by JPMorgan that reports Square Inc. Bitcoin investment as "a strong vote of confidence for the future of Bitcoin". I tried to find this JPMorgan report but I couldn't find it. I looked at JPMorgan's website and other sources, perhaps it wasn't published on the internet, or I missed something. If someone has a link to this JPMorgan report or has a copy of it, this would be great to read it whole.

Other payment companies will also likely follow in Square's footsteps or risk getting shut out of a growing segment, the JPMorgan analysts wrote.

JPMorgan Chase Bank has been surprisingly favorable to Bitcoin lately and from one of the biggest enemies, with CEO Jamie Dimon waging a war of words in previous years, now appears to have softened its stance.

Square also released what they call a "Bitcoin Investment Whitepaper", link to the pdf is here.

[btc_angela]

With regards to Jamie Dimon's stance though, you should look at where he is coming from. He is a banker, so of course they will attack bitcoin at any cost. However, it was uncovered that the attack was well orchestrated, After the Boss Calls Bitcoin a 'Fraud' — JP Morgan Buys the Dip . And obviously they make a lot of money from their investors and clients back then.

[Poker Player]

With regards to Jamie Dimon's stance though, you should look at where he is coming from. He is a banker, so of course they will attack bitcoin at any cost. However, it was uncovered that the attack was well orchestrated, After the Boss Calls Bitcoin a 'Fraud' — JP Morgan Buys the Dip . And obviously they make a lot of money from their investors and clients back then.

Yes, maybe what he is interested in for some reason now is to pump the price of bitcoin. It's not that he believes in the intrinsic properties of bitcoin or in how positive crypto currencies can be for society. He's probably got a bunch of bitcoin nowadays. Both personally and for his company. So, I don't trust him, his personal comments are aimed at trying to further increase personal profits.

[Bitcoin_bullish]

With regards to Jamie Dimon's stance though, you should look at where he is coming from. He is a banker, so of course they will attack bitcoin at any cost. However, it was uncovered that the attack was well orchestrated, After the Boss Calls Bitcoin a 'Fraud' — JP Morgan Buys the Dip . And obviously they make a lot of money from their investors and clients back then.

Yes, maybe what he is interested in for some reason now is to pump the price of bitcoin, it's not that he believes in the intrinsic properties of bitcoin or in how positive crypto currencies can be for society. He's probably got a bunch of bitcoin nowadays. Both personally and for his company. So, I don't trust him, his personal comments are aimed at trying to further increase personal profits.

My question is mostly about this report and if someone actually has the source. It seems this is not published anywhere and I only read it from a coindesk article. I don't know how to contact the author at coindesk, otherwise I would have done that already.

JPMorgan will open trading desks for their customers to trade Bitcoin. I don't agree with banks messing with Bitcoin and I think we don't need them, as we don't need exchanges either. They aren't different, they are centralized services too. I want to read the whole article though because most of times some crypto media are missing a lot in their reports that can be important.
I was also aware of what Dimon did, they bought Bitcoin when spreading fud in 2017 many times too when Bitcoin was in a course to 10k and more.

[davis196]

Other payment companies will also likely follow in Square's footsteps or risk getting shut out of a growing segment, the JPMorgan analysts wrote.

This sounds like nonsense to me.There's plenty of space for other companies to invest in the crypto industry.
The risk of "getting shut out" is totally fake,if you ask me.There aren't any "market barriers" in the cryptocurrency world(except KYC,but the fiat payment processors already have experience with KYC policies).
Maybe the analyst is talking about a possible crypto price boom that will benefit the early investors,who bought cheaper coins,while the companies,which are investing too late will have to buy coins at a higher price.

[ChrisPop]

My suspicion is that JP Morgan has already accumulated some bags and now looking to encourage the masses to pump the price. On the other hand they could be trying to create liquidity to sell their position and perhaps looking to buy more on dips, but IMO the first variant is more plausible.

Indeed, payment companies who do not already make the first steps to adopt Bitcoin and cryptocurrencies in general could soon find themselves lagging behind the industry.

[kryptqnick]

Major crypto media and financial news are reproducing today a Coindesk report on Square's investment on Bitcoin.

It describes a recent analysis by JPMorgan that reports Square Inc. Bitcoin investment as "a strong vote of confidence for the future of Bitcoin". I tried to find this JPMorgan report but I couldn't find it. I looked at JPMorgan's website and other sources, perhaps it wasn't published on the internet, or I missed something. If someone has a link to this JPMorgan report or has a copy of it, this would be great to read it whole.

Other payment companies will also likely follow in Square's footsteps or risk getting shut out of a growing segment, the JPMorgan analysts wrote.

JPMorgan Chase Bank has been surprisingly favorable to Bitcoin lately and from one of the biggest enemies, with CEO Jamie Dimon waging a war of words in previous years, now appears to have softened its stance.

Square also released what they call a "Bitcoin Investment Whitepaper", link to the pdf is here.

I wonder where they got this info, and it's not great of them not to mention the source in the article. Since the only source seems to be this article (and other news portals write the same stuff), I'd say it's probably fake. JPMorgan could say something like that because they love doing whatever's profitable for them (which includes sometimes bearish and other times bullish crypto stuff), but I don't think they did it this time. I would, however, be surprised on them saying anything good about Square because isn't it a solid opponent of banks? And it's not like Jack Dorsey needs approval from these people.

[buwaytress]

Who wouldn't back any kind of investment by Dorsey?

In other news related to corporate buys of Bitcoin, just ready myself that the Norwegian government has a 2% stake in MicroStrategy (that bought a big plump recently).

Not to mention it actually directly owns almost 600 BTC already from earlier investments.

[Bitcoin_bullish]

Who wouldn't back any kind of investment by Dorsey?

In other news related to corporate buys of Bitcoin, just ready myself that the Norwegian government has a 2% stake in MicroStrategy (that bought a big plump recently).

Not to mention it actually directly owns almost 600 BTC already from earlier investments.

There are more investment funds in Microstrategy as BlackRock and the Vanguard Group:



Source

These are all accidental holders now!

[hatshepsut93]

With regards to Jamie Dimon's stance though, you should look at where he is coming from. He is a banker, so of course they will attack bitcoin at any cost. However, it was uncovered that the attack was well orchestrated, After the Boss Calls Bitcoin a 'Fraud' — JP Morgan Buys the Dip . And obviously they make a lot of money from their investors and clients back then.

JP Morgan is a big company so not everyone has the same view as their CEO, and this isn't the first time JP Morgan was positive towards Bitcoin. Plus, Jamie Dimon's comments were made a long time ago, in the more recent years he wasn't vocal about Bitcoin, and if I remember correctly, he even admitted that Bitcoin isn't that bad.

It's not big news, but still a little bit of positivity helps in the long run.

[pixie85]

JPMorgan Chase Bank has been surprisingly favorable to Bitcoin lately and from one of the biggest enemies, with CEO Jamie Dimon waging a war of words in previous years, now appears to have softened its stance.

His war was nothing but a PR stunt and a way to influence the price.

He saw that the market reacted to his early negative opinions with some strong bearish moves so he keept on tweeting and told his people to try to use those influencial tweets to make money.

He even admitted later that his daughter is trading bitcoin.

Who can blame him though, bitcoin is a beast. A honeybadger of the markets.

[sunsilk]

Folks won't forget how Jamie Dimon addresses bitcoin before as fraud. And with that, we got it how these financial leaders and huge company owners have their say about bitcoin. They'll fight against it to make everyone believe that they don't like it which will move the price.

And when there's a significant movement happens after they release words, they'll buy it. Unlike Square, they've been known as bitcoin supporter and even it's owner.

Other payment companies will also likely follow in Square's footsteps or risk getting shut out of a growing segment, the JPMorgan analysts wrote.

They have to and who will be that next big company.

[GreatArkansas]

Im sure if jp Morgan guys will make price of btc go down many buyers will buy it.
But then... Bang thts it game over the government will just close all the cryptocurrency Exchangers

JP Morgan is just being a JP Morgan. He is really a banker, he wants more money.
It's just buying the news, sell the rumor. I really admire these guys in terms of Bitcoin, we all know that they are extremely powerful when it terms of finance, and they really a big player when we talk about them especially in the involvement with Bitcoin.

My suspicion is that JP Morgan has already accumulated some bags and now looking to encourage the masses to pump the price.
(....)

This is alsow what on my mind. I really believe that JP Morgan already got Bitcoins. He is just now waiting a right time and right price to dump again what he already bought and make again money, these guys are really intelligents.

[buwaytress]

There are more investment funds in Microstrategy as BlackRock and the Vanguard Group:

These are all accidental holders now!

Yep! They'll soon be looking at Bitcoin as the best-performing asset in their portfolio. Not sure how the Norwegian pension fund works out but it looks like almost all Norwegians have a stake in it, stacking those sats without even knowing. Lucky them, wondering when my country would follow suit;)

[avikz]

That's the most amazing news of today, most certainly! It's super nice to see an enemy of a path braking innovation is slowly becoming mature after realizing the business loss!

If businesses don't innovate, they will become extinct at some point of time. Jemie is trying to forget the past and looking forward for the future! Good job!

Unfortunately, I am not able to verify the legitimacy of this news from JPM website. So still a little skeptical!

[TravelMug]

There are more investment funds in Microstrategy as BlackRock and the Vanguard Group:

These are all accidental holders now!

Yep! They'll soon be looking at Bitcoin as the best-performing asset in their portfolio. Not sure how the Norwegian pension fund works out but it looks like almost all Norwegians have a stake in it, stacking those sats without even knowing. Lucky them, wondering when my country would follow suit;)

https://norwegian-btc.fund/

Lucky them,  , We can only wish that our country will follow suit as well.

As for the news, I think it will bring more credibility again to bitcoin market, regardless of what JP Morgan has said in the past, and with this statement, they could influence more companies to at least reevaluate on how they are going to handle their assets as bitcoin could be a good options, specially that we haven't enter the 'bull run' yet.

[Polo7]

There are more investment funds in Microstrategy as BlackRock and the Vanguard Group:

These are all accidental holders now!

Yep! They'll soon be looking at Bitcoin as the best-performing asset in their portfolio. Not sure how the Norwegian pension fund works out but it looks like almost all Norwegians have a stake in it, stacking those sats without even knowing. Lucky them, wondering when my country would follow suit;)

https://norwegian-btc.fund/

Lucky them,  , We can only wish that our country will follow suit as well.

As for the news, I think it will bring more credibility again to bitcoin market, regardless of what JP Morgan has said in the past, and with this statement, they could influence more companies to at least reevaluate on how they are going to handle their assets as bitcoin could be a good options, specially that we haven't enter the 'bull run' yet.

It means oil is done so the Norway will use bitcoin instead of oil to Back up their currency.

[Darker45]

JPMorgan is now on the Bitcoin bandwagon ever since it opened its services to cryptocurrency businesses. So it is not anymore surprising for them to fully back Square's investment decision to convert tens of millions into Bitcoin.

It must have already dawned on them that Bitcoin is not a joke as they must have treated it previously. And, of course, they must have also noticed that it is where the money is flowing so they cannot just waste the opportunity to earn from it as well. 

[buwaytress]

As for the news, I think it will bring more credibility again to bitcoin market, regardless of what JP Morgan has said in the past, and with this statement, they could influence more companies to at least reevaluate on how they are going to handle their assets as bitcoin could be a good options, specially that we haven't enter the 'bull run' yet.

I actually don't think there can be more or less credibility for Bitcoin in existing traditional markets. Whoever's made up their mind about Bitcoin won't change it because someone else bought it. But yes agree, it might just trigger more purchases in the future -- regardless of what they actually think about it.

It means oil is done so the Norway will use bitcoin instead of oil to Back up their currency.

The Norwegian fund is only called the Oil fund because they were simply using the proceeds from oil and gas to invest. It's called a sovereign wealth fund. It's nothing to do with whether or not oil is done or if they're using oil to back up the krone... it's just that they've decided they're investing their wealth into Bitcoin.

[Baofeng]

It means oil is done so the Norway will use bitcoin instead of oil to Back up their currency.

No oil is not done for Norway, the funds formal name is "Government Pension Fund Global. " And remember that this is not the first time they have ventured, they also have real state and equities and others. They've just added bitcoin to diversity their portfolio - for long term sustainablity. And the main source of everything is still oil for Norway and that is their main asset since the discovery in late 60's. And  from then on Norway because one of the richest nation out there.