Not along ago, JPM trashed Bitcoin and Cryptocurrency, now they are saying it works better than gold
Some of the story lines of 2020 seem to crazy they had to have been made up.
The complete 180 degree turn of JP Morgan is one of those examples.
Rewind the clock back to 2014 through 2018, back when the CEO of JP Morgan was on financial news networks multiple times saying very disparaging things about bitcoin and crypto.
Some of his quotes can be seen here along with how bitcoin performed:
(Source: https://www.marketwatch.com/story/jamie-dimon-i-dont-really-give-a-shit-about-bitcoin-2018-10-31)
As you can see his negative remarks and comments had literally no effect in the medium to longer term, though there were some scary dips along the way when he called it a fraud etc.
The times they are a changing...
Now, as we drift towards the end of 2020 and not only has bitcoin not died, but its continued to grow in almost every measurable way.
The only thing it hasn't done since that time is make new highs, though judging by the recent price action, that may change in the very near future.
While Jamie Dimon has been most quiet on bitcoin in the last couple years, people that work for him have not.
Recently some analysts at JP Morgan put out a research report indicating that they think bitcoin has considerable upside from here and even works better than gold as an inflation hedge.
Check it out:
(Source: ~~~ embed:1319793505703776259/photo/1) twitter metadata:a3J1Z2VybWFjcm98fGh0dHBzOi8vdHdpdHRlci5jb20va3J1Z2VybWFjcm8vc3RhdHVzLzEzMTk3OTM1MDU3MDM3NzYyNTkvcGhvdG8vMSl8 ~~~
So, from hating on it, to not wanting to talk about it, to now recommending it to their clients...
My how the times have changed!
Bitcoin has a tendency of changing people over time...
I remember my first days getting involved with bitcoin and crypto.
It was back in early 2016 and I thought, you know, this bitcoin thing is nice and all but the government will eventually kill it.
Then the more I dug into it, I realized it will be a lot harder to kill than I originally thought.
Then from there I started to dig into altcoins and started to think that bitcoin was the idea but the technology was a dinosaur compared to what other projects could do...
However, as I further went down the crypto rabbit hole I eventually circled back to the realization that bitcoin's lack of change is a feature as opposed to a bug. It was one of the reasons it was going to succeed while others were going to fail.
There is bitcoin, then there is everything else.
I think that is a realization process that many people go through and it sounds like publicly traded companies as well as financial institutions like JP Morgan are starting to realize this for themselves.
The next 12-14 months are going to be a lot of fun for bitcoin and crypto investors!
Stay informed my friends.
-Doc
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Now that JP Morgan have bought there position in Bitcoin, now they are telling the rest of the world to get on-board.
Everything that JP Morgan says is propaganda and a lie.
Just look at how much of their ill gotten gains they had to share with "regulators"
I remember they were already buying small potions while making those comments that sent BTC crashing. I think there was even a lawsuit about it and it probably went nowhere.
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The more cheerleaders the better!
Let the games begin. I'm ready.
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Pump it before they dump it? That's usually how these types work.
They bend down while we HODL. I considered all those comments and people who believed them to as someone who's bringing me even more opportunity keeping the prices low letting me aquire more crypto.
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I think that see J.P. Morgan's previous stance as a delay tatic to sow a measure of doubt in the market which in turn would delay the progress of major aspirants until it could develop it own proprietary portfolio of products and services. Its current stance is a tacit admission that cryptos are very much likely here to stay and will play a significant roll in many peoples lives as the financial landscape continues to evolve.
Fuck those big corporations. Don't give them any of the BTC so they die a slow and agonizing death like all the starving children whose parents are in debt. Or maybe even without parents because the war took them. War funded by corporations.
I'm off. I know we can't do anything about them buying. I wish we could, though. Just like we froze JS funds. What if BTC miners made a change to split those funds into simple human beings? That would be the best great reset. Just daydreaming. Thanks for the read.
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It's on it's way there Mr Poddar, and you know it!
Yeah, would've been great to have got into BTC in the early days (I remember a party in 2010 or so where someone was talking about mining BTC, but I just didn't/couldn't get it), but I guess in a few years time when I look back, I'll just be grateful to have got into the crypto game exactly when I did :D
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Yep I think I heard about it a couple times between about 2011 and 2013 and I thought it was a fad, would be dead in a few years. Then when it didn't die I got me interested in it as an investment.
.....and look at you now at the door of the M club lol :)
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M club?
'Millionaires' Club :D ..... just referring to your post on BTC millionaires where I thought you'd said you almost became one.
Actually my fault, I misread:
"It got close in early 2019, but the last time we were at the levels we are currently was back in January of 2018"
......which I thought read "I had got close in early 2019" lol ooops.
Well, I do hope you make it there one day!
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Haha you and me both!
I guess they acquired enough stake to change their tune.
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As Bitcoin continues to stay strong and make new highs, one can only expect more skeptics to be won over. I'll like to see Warren Buffet on the line soon.
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Bitcoin is backed by hundreds group of developers with million usd value. That is why all negative remarks have no effect to bitcoin community. What bitcoin community do do not need public figures approval.
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This isn't the first time. While JP Morgan was opposed to Bitcoin, they were developing their own inhouse coin for transfers between major institutions. They're now on the bandwagon after pushing negative press about Crypto. I'm not surprised, they probably have a huge stake in crypto and many of us don't even know it.
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Opinions do change over time, only that when those influence the markets it is called manipulation. It is hard to believe such declarations when the richest become more rich and just to the opposite of what they are saying. This shows that some traditional financials institutes, against of what they say they either adapt and survive or disappear... and it is their own survival in the middle, they will do anything to stay alive.
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Yep, I think it's mostly that to be honest. I don't think Jamie or JPM were accumulating large amounts of bitcoin while bashing it. I think the honestly believed it would die. Now that it is apparent they were wrong, they have no choice but to jump on board or be left behind.
These quotes are so hilarious!
I’m glad they are because I am in a class action lawsuit for when they started charging my transactions as money advances in 2017.
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