Bitcoin and XRP Beware? Industry Reacts to JP Morgan ‘JPM Coin’ Crypto Announcement

Tony "The Bull" Severino

Last Updated: March 11, 2019 8:34 pm

3 mins read

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After first calling Bitcoin a fraud in 2017, JP Morgan Chase CEO Jamie Dimon later said he regretted the statement in 2018. Now his firm has announced a new crypto called JPM Coin that’ll be used to instantaneously settle payments between banking clients in a similar vein to Ripple’s XRP.

The announcement is viewed as both a positive and a negative for the crypto space and individual assets such as Bitcoin and XRP. The news already has the industry buzzing, offering up insightful thoughts on the impact this could have on the crypto landscape for years to come.

JP Morgan Announces JPM Coin, First US-Bank Created Crypto

In a shocking move, JP Morgan Chase has announced the first cryptocurrency to be designed by a major United States-based traditional banking firm. The crypto, called JPM Coin, will be used to facilitate near-instant transactions between the firm’s clientele.

JP Morgan is said to move over $6 trillion around the globe each day for its clients. While only a portion of that will be dedicated to a pilot test integrating JPM Coin, to put things into perspective, only 2% of JP Morgan’s $6 trillion in daily payments would be worth as much as the entire current cryptocurrency market cap. There is no denying that the implications of this announcement are massive, especially if the trials prove successful and JP Morgan utilizes JPM Coin across its entire business.

JP Morgan’s CEO Jamie Dimon has repeatedly trashed cryptocurrency, especially Bitcoin in the past, even calling his daughter “stupid” for buying Bitcoin years ago. But now, his firm is not only supporting the emerging technology in a major way, they’re also loudly demonstrating that cryptocurrency as a use case is valid and the asset class is here to stay.

Crypto Industry Sounds Off On JPM Coin, Impact on Bitcoin and XRP

Following the stunning announcement, the entire crypto industry responded equally with enthusiasm and disgust. Many are annoyed and even fearful of the impact a major player in the traditional finance space might have on the crypto market, while others are thrilled at what JP Morgan’s stamp of approval on crypto as a whole might do for the market.

https://twitter.com/AlecZiupsnys/status/1096012383384989696

Outspoken crypto investor WhalePanda believes that the JP Morgan announcement is “long term a positive thing for Bitcoin,” but joked about how Ripple investors would “scream in agony.”

On a serious note: I think the JP Morgan thing is long term a positive thing for Bitcoin. Let them play around with their stablecoin, once we get more mainstream the "cryptocurrency infrastructure" already sort of exists.

— WhalePanda (@WhalePanda) February 14, 2019

XRP was at the center of much of the discussion, with CNBC correspondent Ran Neuner even joining in on poking fun of Ripple’s native cryptocurrency. TheBlockCrypto’s Mike Dudas called the announcement “horrible news for Ripple and XRP.”

I wonder why they dont just use XRP! 😉https://t.co/uYNuEfQOFW

— Ran Neuner (@cryptomanran) February 14, 2019

While the nod from JP Morgan does help to legitimize crypto as a whole and even extends into Bitcoin given Dimon’s comments in the past, JPM Coin does seemingly challenge XRP in a big way. Both are designed to settle payments between institutions instantly using a cryptocurrency, however, the Ripple name and business is nowhere near the size and weight of a major player such as JP Morgan Chase, and both Ripple and holders of XRP will be watching closely as JP Morgan’s plans for JPM Coin develop.

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Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.