We all remember the famous CEO of JPM Jamie Dimon rant, where he, as the laughable old dinosaur that he is, refused to understand what Bitcoin and Blockchain is about. Now, JPM changes their minds.
Analysts at JPMorgan believe that Bitcoin has changed it's shape and that it will become a long term way to store wealth. What exactly that has changed over the past with Bitcoin I don't know, except for the huge surge in price.
What is really going on of course, is that these institutions are losing out on so much money, that they don't have a choice other than to embrace it.
Of course, as Bitcoin futures contracts and big investment banks are entering the sceene, we should except them doing things how they do things - manipulation. The only question is WHERE and at which price level this manipulation will be going on. Will they help pump the price of Bitcoin to where it should be or even higher at 500k-1 Million USD the next couple of years, and then dump it to let's say 200k USD. Or will it be pumped to 50k and then down to 10k.
“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.”I don't have the answers, but there is HUGE demand for Bitcoin and other crypto currencies ATM.
https://cointelegraph.com/news/jpmorgan-switches-tact-backs-bitcoin-as-new-gold
In times like this it is tempting to sell some, take some profit, and the hard part is to keep hodling. Personally I'm only taking of very small slices from cryptos right now. I'm taking profits of 1-5% when they go 1000%. I just took some profit off of IOTA which I had owned since 0,40. And that was like a 4% profit - almost covering my initial investment sum.
I think cryptos have officially landed on the Moon. But I don't think we were destined to only go to the Moon. I think we're off to other galaxies. Hodl on!
