The 180-degree U.S. bank’s turn towards this market & why Jamie Dimon says he’s remorseful.
- “Bitcoin is a scam that will eventually burst. It’s worse than tulips, it’s not going to end well. If I realize that one of my bank traders buys Bitcoin, I’ll fire him right away because he’s against the rules and because he’s an idiot. For both of these reasons, it is dangerous.”
- “Governments want to control the currency. They want to know who owns it, where it is, which way it’s going. If you’re in Venezuela or Ecuador or North Korea, it might be better to use it [bitcoin] in relation to the local currency. I can’t believe something like this is going to happen in the US.’
- “Who cares about bitcoin? If you’re stupid enough to buy it, it won’t be long before you pay the price one day. You can’t work with people who use a coin produced from wind and think its buyers are smart.”
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If we look at earlier publications – not too old – just two years old, we will see that Sharmin Mossavar-Rahmani stated that she did not see any value in bitcoin! “No value in bitcoin” was the expression he used. And now she’s the one who trains her clients around it!
That’s what Jamie Dimon – the CEO of banking giant JP Morgan – was saying about bitcoin back in 2017. And not just him. All those opposed to bitcoin are repeating his words.
But here’s where, once again, “never say never” applies. A few months later, Dimon said he regretted calling it a scam. That he believes in the technology behind it, the blockchain. And there was a reason he backed off.
In February 2019, he announced that his bank would release its own digital currency, to take advantage of the blockchain’s capability and to be able to settle international payments at high speed and reliably.
In May of that year, JP Morgan saw the light on bitcoin itself. Making a spectacular turnaround, the analysis department, led by Nikolaos Panigirtzoglou, published a survey where it discovered intrinsic value in bitcoin!
JP Morgan’s stance today
But that was nothing compared to the news first published by the Wall Street Journal stating that JP Morgan is making a 180-degree turn, revised its decision and will now accept as its customers two of the best-known cryptocurrency exchanges, Coinbase and Gemini.
Compare this action with the third paragraph to understand how quickly things are changing in the crypto space. They’re not just moving on.
They are Running!
If JP Morgan still thinks bitcoin will “pop up,” what’s the point of opening accounts to such ”dreaded” customers?
It’s not just good news from Wall Street. Bakkt’s futures hit a new record high the day before yesterday and continue their upward trajectory. Trading volume and options are breaking a new record.
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Grayscale, the largest fund traded like a share on the U.S. stock market, has gone on to hold bitcoin worth nearly $3 billion.
All this shows that Wall Street is beginning to ”accepting” the crypto space. Why? Because the crypto space has evolved technologically and economically. It is now too old to be ignored, to be considered marginal.
The future is ahead of us
The future of the big banks, relative to the cryptocurrency sector, is shown by bitwala. The German bank in partnership with Celsius Network offers an interest rate of 4.3% to anyone who deposits their bitcoins there.
There are other services that offer a higher interest rate, but Bitwala seems to be the most compliant with banking rules, as it offers services in 32 European countries.
Today, bitcoin possession has peculiarities in relation to the currencies we use every day. It’s not hard to get them and preserve them.
When the issue of custody is reliably resolved in a short time and all banks will be able to offer accounts in cryptocurrencies, as they operate with foreign exchange accounts, the implications for the adoption of bitcoin will be tectonic.
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