Last year the head of JP Morgan called Bitcoin a fraud and has largely been against cryptocurrency, but things are changing.
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JP Morgan moves around six trillion dollars a day and what their CEO says, has weight across all financial markets, and that includes cryptocurrency. Big investors are waiting for big banks to say that it is advantageous to look into the crypto markets. Until very recently, the banks have not encouraged investors.
Here is Jaimie Dimon bashing Bitcoin last September.
Back in October, JP said that adding Bitcoin to the futures market would help add legitimacy. When the futures started on December 18th, Bitcoin has taken a major dive and is selling at below 50% of it's high currently. Again, Jaimie Dimon and JP didn't not have too many nice things to say.
Dimon continued to be "skeptical" on bitcoin and the crypto markets.
Times are changing. Now Jaimie, one of the main critics of crytpo is now changing his tune. JP Morgan released a 71 page report called, "Decrypting Cryptocurrencies: Technology, Applications and Challenges". The report is not public but a copy was obtained by Coindesk and they describe a much more positive look at crypto.
In the article by Coindesk, JP Morgan is now saying that crypto could be a way to diversify portfolios and says they are "unlikely to disappear." That is a vast improvement from calling it a "fraud".
The report went on to say that the blockchain technology is vital to the future of banking and money. The report painted a slightly better picture of crypto. The timing is good too, the prices are low and now would be a good time for investors to get in. Only if you think the value will go up. By the change in attitude of Jaimie Damon and JP Morgan, the tides could be shifting in the markets.
The report from JP Morgan is just a stepping stone for crypto. A sign that we are moving in the right direction.
Wonder what they'll say next?
Thank you for reading.
Let me know your thoughts in the comments below.
Do you think the banks are starting to warm to crypto investing?
