JPMorgan Changes Stance: Bitcoin Could Become the New Gold

Less than a month since CEO Jamie Dimon inaccurately described bitcoin as a “fraud,” JPMorgan has changed its stance on the cryptocurrency.

Throughout the past month, analysts and investors in both the cryptocurrency and traditional finance markets have criticized Dimon and JPMorgan for their baseless condemnation on bitcoin. Almost immediately after the company’s CEO called bitcoin a fraud and a bubble, JPMorgan was fined $4 billion for actual fraud in September.

After that, Dimon broke his personal promise to not discuss bitcoin any longer by describing it as a money laundering tool. Ironically, JPMorgan was cracked down by the Swiss financial authority FINMA, for money laundering.

JPMorgan Changes Stance, Suddenly Optimistic in Regards to Bitcoin

Earlier this week, JP Morgan analyst Nikolaos Panigirtzoglou, publicly stated that bitcoin has the potential to become an emerging asset class, given that CBOE and CME, two of the world’s largest options exchanges, will list bitcoin futures by mid-December.

“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,” said Panigirtzoglou.

He further emphasized that as the acceptance of bitcoin as a store of value continues to increase, the market valuation and price of bitcoin will likely increase proportionally.

Bitcoin Futures Exchanges Will Lead Investors in Finance Market to Bitcoin

This week, several highly respected analysts including Satoshi Citadel Industries (SCI) co-founder Miguel Cuneta explained that bitcoin is only starting to transform the finance sector, and the price of bitcoin, which is currently at around $11,500, will increase exponentially in the upcoming years.

“Over one-third of a trillion dollars. That’s the total amount of cryptocurrencies in the world. $165 Billion belongs to Bitcoin alone, which just shows how dominant network effects can be. Because of Bitcoin technology, the power to create money was granted to every human being on earth and taken away from kings, oligarchs, and governments,” said Cuneta.

In the long-term, more investment banks, hedge funds, and investors will change their stance on bitcoin.

  • Wei Feng

    They’ll say a negative comment , just before a big buy up.

  • Jon Roquero

    End of the world is near. Bitcoin will become so popular that it will replace money. Then, the fuck up. Thus, money, bitcoin per se, will have no value at all. Its value will be like the sands of the desserts. When that happens, Christ has already arrived!

    • ClearSkys

      No weed for you for one month…

      • Max Powers

        I wish someone will force me to do that! I gotta bring my tolerance lower…

    • Max Powers

      These folk that keep waiting for Christ… Jewsus fucking christ people… you know about bitcoin…? They still believe in that jewish socialist Santa will save them 😉

  • Jon Roquero

    This bitcoin craze was spiced up by Russia and its Russian trolls. This is to spruce up Russia’s economy. This is how Vladimir do business economics! Through the info and technology provided by Snowden. The unpatriotic NSA whistleblower. Since then, politics has never been the same. Social media has become a tool for mind control! Putin is an Alpha Draconian!

    • Max Powers

      Russia and China getting nothing, but butter due to gvt officials owning mining farms and not paying electricity bills. Etherium is just pure scam since they can issue as many coins as they want….

    • Max Powers

      Have to agree on that one. They do know really well who “Satoshi” is thanks to idiot Snowden… “Satoshi” resides in Langley, VA 😉

  • tilton malvin

    When this giant ponzi scheme will collaps a lot of people will lost a lot of money.

    • Max Powers

      it’s cracking already…coinbase and gdax is going to get busted soon.. 🙂 Some folks filing complains lol, this shit isnt regulated . Good luck to them…. Stacking up with popcorn and weed to watch this shit go down 😉

  • Max Powers

    they want to hype it up just to short it. You know, you can’t mine BTC that easy now, but you can “print” $ easily…

  • I really don’t know if this is a ponzi scheme but when somethings grows up so fast you start to overthink things, I think criptocurrencies filled a empty space and thats why it makes so big, and bitcoin it’s not the only cryptocurrency growing up, ethereum and monero are going up so fast too because this altcoins have different features and rules.

    • Dimcho Karakashev

      You sir, just put words together that you have heard recently in the last two months or so. That shows how deep is your understanding of the issue….

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