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

[TimeTeller]

As for me, this statement is just manipulation. We all know very well that many companies pay attention to what giants like Tesla are doing. I will say more, I believe that JP Morgan himself invests in Bitcoin, and maybe also in other cryptocurrencies.
In the situation in which the financial market is now and when dollar is weakening, not to invest in cryptocurrencies is a mistake.

If everyone invest in cryptocurrency then JP Morgan and the other banking giants will lose their relevance and that is the reason why they are so opposed to the adoption of cryptocurrency by the corporates. But the corporations don't have much of a choice here. With the purchasing power of USD going down like a falling rock, it is foolish to keep all their reserves in fiat currency. If not Bitcoin, it has to be other assets that are protected against inflation such as gold and platinum.

Would be divided since not all of them would really be going into the same path which it would be expected that there would be someone whom do consider crypto as a good option
rather than sticking into those traditional assets or currencies that they've known but this is really on unlikely side but its plausible and can really happen.We dont even know
that even they are saying negatives but actually behind they are getting involved with it just for them to protect out their reputation as a die hard traditional investor or
really goes with side on banking system which is totally opposing on crypto's existence.

Exactly! We don't know their true motive why they are saying such statement.
They may be secretly storing some crypto and they are just saying the opposite to the public.
I believe, I have had enough with JP Morgan. They can't dictate other big companies not to follow Tesla's move.
Later on, we will read from the news that JP Morgan has this much of crypto as their assets.

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[aesma]

I have a 9 to 5 job and I wouldn't want to get paid in BTC or any kind of volatile asset, personally. My salary pays for my taxes, my bills, my living expenses, all of which are still paid in fiat. Then if I have money left, I'm a big boy and can buy BTC myself.

Of course if we're talking side job done under the radar, that's another story, but for an official job, where your employer will declare everything anyway, there is no point, at least at this stage.

It seems twitter is talking about this to surf the hype wave more than anything.

[keyscore44]

As for me, this statement is just manipulation. We all know very well that many companies pay attention to what giants like Tesla are doing. I will say more, I believe that JP Morgan himself invests in Bitcoin, and maybe also in other cryptocurrencies.
In the situation in which the financial market is now and when dollar is weakening, not to invest in cryptocurrencies is a mistake.

If everyone invest in cryptocurrency then JP Morgan and the other banking giants will lose their relevance and that is the reason why they are so opposed to the adoption of cryptocurrency by the corporates. But the corporations don't have much of a choice here. With the purchasing power of USD going down like a falling rock, it is foolish to keep all their reserves in fiat currency. If not Bitcoin, it has to be other assets that are protected against inflation such as gold and platinum.

Would be divided since not all of them would really be going into the same path which it would be expected that there would be someone whom do consider crypto as a good option
rather than sticking into those traditional assets or currencies that they've known but this is really on unlikely side but its plausible and can really happen.We dont even know
that even they are saying negatives but actually behind they are getting involved with it just for them to protect out their reputation as a die hard traditional investor or
really goes with side on banking system which is totally opposing on crypto's existence.

Exactly! We don't know their true motive why they are saying such statement.
They may be secretly storing some crypto and they are just saying the opposite to the public.
I believe, I have had enough with JP Morgan. They can't dictate other big companies not to follow Tesla's move.
Later on, we will read from the news that JP Morgan has this much of crypto as their assets.

I see we all share similar opinion.
To what I wrote earlier - about the fact that in my opinion it is a manipulation: I will add that they write opposite because they still buy and want to do it at the lowest possible price. I think they know very well that a huge number of small and large companies will follow what Musk has done. Therefore, by providing such information, they want to extend this process in order to have time to buy at the lowest possible prices as much as is possible.

[keyscore44]

Maybe they don't want it to? Maybe they thought they'd be able to buy more btc before the price goes up. Perhaps they have a loaded short on btc waiting to be fulfilled from the current price rise...

Analysts of cryptocurrency, tech stocks and further fields aren't going to be accurate either. There also might be a factoring in of the 80% drop that may come again some time potentially THIS year. If you got paid 0.01BTC for a month's work ($3000 eg) and then the value dropped over the weekend to $60k/coin leaving you with $600 you might be hugely out of pocket...

i agree that maybe they are doing this to divert public attention so that they can buy btc in bulk and cheaper.
if indeed btc cannot be stopped they must have at least 10% of the total supply in order to keep control of the market price.

Come on! You really think it's real for someone to get 10% of Bitcoin total supply? After all 10% it is over 2 million BTC, even Satoshi does not have that much!
At the moment, the Bitcoin market cap is around a trillion, so JPMorgan would have to buy BTC for 200 billion! I'm afraid your imagination took you a bit too far... 

[tygeade]

The thing is... They should speak for themselves and not others. Yes JP Morgan might not be making the same move Tesla, but that doesn’t mean that other big firms won’t make that same move, there are so many of them that will likely be getting ready do that, and there have been so many of them doing it. Although the difference is going to be that they won’t invest as much as Tesla.

Tesla invested billions of dollars because it’s a very rich firm, so others that don’t have that kind of amount will stick to their level and invest what they can afford to risk. I don’t think any of them would like to miss out on an opportunity like this.

[7788bitcoin]

The thing is... They should speak for themselves and not others. Yes JP Morgan might not be making the same move Tesla, but that doesn’t mean that other big firms won’t make that same move, there are so many of them that will likely be getting ready do that, and there have been so many of them doing it. Although the difference is going to be that they won’t invest as much as Tesla.

They are known to be vocal about other things even in the past, they were vocal and they always say something negative about bitcoin all the time and there were evidence that they used to invest in bitcoin as well in the past, so i would not trust any of their analysis as it does not makes any sense as they do not control other companies and they cannot control other investment and it is just their usual negative prediction and nothing else.

[Lanatsa]

The thing is... They should speak for themselves and not others. Yes JP Morgan might not be making the same move Tesla, but that doesn’t mean that other big firms won’t make that same move, there are so many of them that will likely be getting ready do that, and there have been so many of them doing it. Although the difference is going to be that they won’t invest as much as Tesla.

They are known to be vocal about other things even in the past, they were vocal and they always say something negative about bitcoin all the time and there were evidence that they used to invest in bitcoin as well in the past, so i would not trust any of their analysis as it does not makes any sense as they do not control other companies and they cannot control other investment and it is just their usual negative prediction and nothing else.

With these big companies and institution then its no surprise that they are really just pretending to be on the negative side but actually they are really accumulating bitcoin silently.

They are just trying to look themselves as die hard institutional investors but actually they are really tempted to get involved with bitcoin.Who doesn't really like to join up the trend?

Big companies and other billionaires had already considered bitcoin to be into their stashes.Then its no surprise that there would be some urge for you to get involved yet its
clear as day on how bitcoin will give out that opportunity for you to make profits not only into its actual usage.

[AndySt]

The thing is... They should speak for themselves and not others. Yes JP Morgan might not be making the same move Tesla, but that doesn’t mean that other big firms won’t make that same move, there are so many of them that will likely be getting ready do that, and there have been so many of them doing it. Although the difference is going to be that they won’t invest as much as Tesla.

They are known to be vocal about other things even in the past, they were vocal and they always say something negative about bitcoin all the time and there were evidence that they used to invest in bitcoin as well in the past, so i would not trust any of their analysis as it does not makes any sense as they do not control other companies and they cannot control other investment and it is just their usual negative prediction and nothing else.

I think it is worth bearing in mind that JP Morgan is a large organization with a large number of employees and the opinions of individual employees may differ radically and there may not necessarily be a single position. It is also worth bearing in mind that in such a large company, there may be a situation where one representative may express a negative opinion about bitcoin, and another department may completely independently deal with individual transactions with bitcoin.

[wxa7115]

JP Morgan is a company filled with idiots. I am not even joking if I was CEO or basically running it as a whole, I would do a much much better job, and I would definitely not need a board to tell me what I can do or can't do.

This isn't a way to say that I am a great investor, because I am not, I am just a "fine" one that makes not that bad amount of return yearly, and it is a small amount anyway, no, what I am trying to say here is that most of us here can do a better job than JP Morgan executives, whoever you are reading this right now, there is at least 50% chance you are better than them. Why? Because these idiots never have a problem, they take other people's money, invest with it, if they have a problem of going bankrupt they take "cash injections" or even bail outs from central bank and continue their way, there is no money they put themselves, and there is no way they could go bankrupt so they just do whatever they want and always fail but saved by the government.

You just nailed, while I will not go as far as say that I am better than them the reason people and businesses get better at anything is because of the consequences of failing, if I happen to make a bad investment I lose money and that is true for everyone else, but in the case of those companies that are too big to fail if they make a mistake then they are saved by governments all over the world and then they give themselves golden parachutes in the case they happen to be fired.

So there is no incentive for them to actually learn from their mistakes since they are not going to end up paying the price and instead it is the people that pay for it whether it is by increased taxes or inflation, so I can safely ignore whatever they say as it is not as if they move in the same world as the rest of us, what matters is that despite their predictions that have been very negative for bitcoin for a very long time bitcoin keeps growing and there does not seem to be any kind of limit to that growth as governments keep taking bad decisions about how to run the world economy.

[Ozero]

The thing is... They should speak for themselves and not others. Yes JP Morgan might not be making the same move Tesla, but that doesn’t mean that other big firms won’t make that same move, there are so many of them that will likely be getting ready do that, and there have been so many of them doing it. Although the difference is going to be that they won’t invest as much as Tesla.

Tesla invested billions of dollars because it’s a very rich firm, so others that don’t have that kind of amount will stick to their level and invest what they can afford to risk. I don’t think any of them would like to miss out on an opportunity like this.

The main thing is that Tesla set an example for large business structures that, for some reason, did not dare to invest in bitcoin. In any case, many corporations and companies will be interested in this opportunity and will consider it. Of course, in this case, one cannot speak for everyone whether or not they will buy bitcoins. I hope that a certain part of them, based on their own considerations, will nevertheless take part in such investments. In the future, it will be more difficult for states to take any restrictive measures on the circulation of decentralized cryptocurrency.

[Wayan_Pedjeng]

JP Morgan has been spreading a lot of FUD related to Bitcoin recently. Previously also they have done that, but they look really desperate nowadays. Do they feel threatened by the rise of Bitcoin?

https://www.cnbc.com/2021/02/17/jpmorgan-thinks-the-bitcoin-rally-is-unsustainable-and-doesnt-make-much-sense.html
https://www.coindesk.com/a-sudden-loss-of-faith-in-tether-would-pose-risk-to-bitcoin-jpmorgan-says
https://www.bloomberg.com/news/articles/2021-02-12/jpmorgan-s-pinto-says-client-demand-isn-t-there-yet-on-bitcoin
https://www.entrepreneur.com/article/364066
https://www.bloomberg.com/news/articles/2021-02-09/tesla-s-bitcoin-bet-won-t-be-followed-by-others-jpmorgan-says

^^^ These are just some of the articles dealing with FUD spread by JPM during the last few weeks.

[wxa7115]

JP Morgan has been spreading a lot of FUD related to Bitcoin recently. Previously also they have done that, but they look really desperate nowadays. Do they feel threatened by the rise of Bitcoin?

Of course they feel threatened and with good reason, think about it if we were on their shoes and we were as powerful as they were we will be scared as hell by something like bitcoin, they are seeing that bitcoin does not stop growing despite all the FUD that is coming around the world, and why it keeps growing? Simply because it is the best form of money available at the moment.

If they had bought bitcoin when it was cheap they will not have this problem and they could begin to build their positions. but now they are seeing that other institutional investors got a head start over them and instead of accepting their mistake and decide to join them they are doubling down on their critic against bitcoin thinking that they still have the power the crash the market with a few articles full of FUD, but we know that is not going to be enough as too many people are realizing that bitcoin is here to stay and it is probably their only chance for a better future under the current circumstances.

[fillippone]

JPM says a lot of things about bitcoin:

JPMorgan Says Investors Could Make Bitcoin 1% of Portfolios

“In a multi-asset portfolio, investors can likely add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio,” strategists including Joyce Chang and Amy Ho wrote in a note Wednesday.

Of course now they are ready to promote bitcoin related products to their clients, suddenly bitcoin is a legit asset to invest in.

[AndySt]

If they had bought bitcoin when it was cheap they will not have this problem and they could begin to build their positions. but now they are seeing that other institutional investors got a head start over them and instead of accepting their mistake and decide to join them they are doubling down on their critic against bitcoin thinking that they still have the power the crash the market with a few articles full of FUD, but we know that is not going to be enough as too many people are realizing that bitcoin is here to stay and it is probably their only chance for a better future under the current circumstances.

You live in a universe of your own, and I live in a universe where bitcoin, after rampant growth, has fallen very well. Therefore, I fully agree with JP Morgan's opinion that a few powerful corporations cannot constantly direct any asset to the heavens by their actions. In times of unrestrained optimism, there should be skeptics who warn investors against being too optimistic.

[Twinkledoe]

JP Morgan has been spreading a lot of FUD related to Bitcoin recently. Previously also they have done that, but they look really desperate nowadays. Do they feel threatened by the rise of Bitcoin?

Of course they feel threatened and with good reason, think about it if we were on their shoes and we were as powerful as they were we will be scared as hell by something like bitcoin, they are seeing that bitcoin does not stop growing despite all the FUD that is coming around the world, and why it keeps growing? Simply because it is the best form of money available at the moment.

If they had bought bitcoin when it was cheap they will not have this problem and they could begin to build their positions. but now they are seeing that other institutional investors got a head start over them and instead of accepting their mistake and decide to join them they are doubling down on their critic against bitcoin thinking that they still have the power the crash the market with a few articles full of FUD, but we know that is not going to be enough as too many people are realizing that bitcoin is here to stay and it is probably their only chance for a better future under the current circumstances.

I feel that they are just jealous of what bitcoin is achieving these days. Ever since, they are being pessimistic with bitcoin. And now, they still are. They don't wan't to grow the adoption of bitcoin, wishing that no one will follow the move of Tesla. But sorry to say, companies will not listen to them as many merchants and institutions are joining the crypto community. In time, this JP Morgan will join this community because they have no choice because everybody is already in here.

[Clement Kaliyar]

Of course now they are ready to promote bitcoin related products to their clients, suddenly bitcoin is a legit asset to invest in.

It is a double bluff, they try to have a smear campaign for the longest time knowing that no one will sue them because he is trying to talk against a decentralized market and they were in the headlines whenever bitcoin was mentioned and now they are providing service to their clients because even with all the smear campaign investors are readily investing and now they need to join the party to keep the business rolling  .

[jaysabi]

JP Morgan is a company filled with idiots. I am not even joking if I was CEO or basically running it as a whole, I would do a much much better job, and I would definitely not need a board to tell me what I can do or can't do.

This isn't a way to say that I am a great investor, because I am not, I am just a "fine" one that makes not that bad amount of return yearly, and it is a small amount anyway, no, what I am trying to say here is that most of us here can do a better job than JP Morgan executives, whoever you are reading this right now, there is at least 50% chance you are better than them. Why? Because these idiots never have a problem, they take other people's money, invest with it, if they have a problem of going bankrupt they take "cash injections" or even bail outs from central bank and continue their way, there is no money they put themselves, and there is no way they could go bankrupt so they just do whatever they want and always fail but saved by the government.

Lol, yeah I'm sure some internet rando has the macro economic knowledge to run JPM better than Dimon, who's considered one of the best investment bankers of this generation and grown JPM into the largest bank in the free world.  Further, JPM didn't need TARP money during the 2008 housing crisis, so your criticism about government bailouts isn't even applicable to JPM.

[justdimin]

Of course now they are ready to promote bitcoin related products to their clients, suddenly bitcoin is a legit asset to invest in.

It is a double bluff, they try to have a smear campaign for the longest time knowing that no one will sue them because he is trying to talk against a decentralized market and they were in the headlines whenever bitcoin was mentioned and now they are providing service to their clients because even with all the smear campaign investors are readily investing and now they need to join the party to keep the business rolling  .

Remember this is the same company that declined to invest into "circle" app thingy when Goldman Sachs got in, they could have joined in that as well but they refused and kept their situation away from crypto and always said it is a bad deal. While Goldman Sachs made ton of money, like made the investment and then some back on top of it, JP Morgan failed to make a single cent out of crypto during that same period. They could get in right now, they could make a difference but that doesn't change the fact that crypto will always laugh at wall street whatever they do.

If they do not get in, they are idiots because only an idiot wouldn't get into bitcoin when they have so much money to spare, if I had some more money to spare I would get in even if it is just $10 as long as I can get in more, these guys have billion sitting around, and if they do end up getting in, they are idiots because they used bad stuff before and only just now understanding what bitcoin can become.

[Gyfts]

I'd note that Goldman Sachs begs to differ - https://www.coindesk.com/goldman-sachs-to-enter-crypto-market-soon-with-custody-play-source

Large financial institutions understand very well the idea of diversification of investments. They have no choice but to invest in crypto seeing as fiat currencies like USD are bound to be hyper inflated. Precious metals are the alternative most look to, but BTC is superior and more convenient (for obvious reasons).

[aesma]

For financial companies it's a no brainer. There is no downside in having say 1% of your portfolio in BTC. Well the downside is at most 1%. I think by now most investors would consider it prudent to take that risk, vs not taking it and missing the rise of BTC.

However Tesla isn't a financial company, so it's a bit of a different thing, I'm not even necessarily in favor of companies playing on the financial markets when it's not their business. Especially a company like Tesla that doesn't really earn money yet.

If it was Apple, it would make more sense, Apple has tons of fiat on bank accounts, it's a risk in itself.