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!
Good post. Yes, the big money (crooked banks) will definitely change Bitcoin. It will mean higher prices, but also the manipulation, as mentioned in the post. I guess we take the good with the bad, and hope for the best.
Thanks. Probably. But let's just hope that the manipulation starts at a much higher price level :)
You're welcome, and I'm hoping. lol
Dimon's prior comments can be seen as attempt to negatively impact sentiment concerning Bitcoin adoption. His reversal is a tacit admission that his prior stance rested on very shakey ground. Hedge funds, VCs, and other top-tier Wall Street players are beginning to see Bitcoin as a long-tern option in the market and this is in spite worries about a growing price bubble.
Yup. It's amazing how these scumbags can lie as they want to, even publicly. And no one gives a shit when they are caught. The media and politicians are (of course) not doing their jobs. Fuck em all.
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All the big investment firm are loosing grip on other people’s money and as always they will reject at first and will come around
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Of course they changed their minds, they ain't stupid, but unfortunately... whenever they do do something... it's usually rigged in their favor. 😔
To be honest I have a really bad feeling about the whole futures thing so I will do the only thing that has proven to be 100 % profitable for me. HODL and not look at the charts for a month starting from monday!
JPM's "Dimo-saur" FINALLY going extinct ;)
Generational myopia in the perpetually derivative, "to-big-to-fail" sector?
Shocker!
Moribund Ejiits.. Move over stagnant central clearing house, we have a new business model that doesn't culminate in a worldwide security derivatives debt market of $250 thousand trillion dollars.
Perhaps I can't blame a Dimosaur for not being able to see the meteorite.
Must hurt when technology pushes innovation up your ivory tower, comfy arse! Strange I seem to have lost my sympathy somewhere..... wait there it is... nope that was just a modicum of scorn ^_^