Even after JP Morgan’s CEO Jamie Dimon’s strong views on Bitcoin, it is ironic that an international markets strategist in JP Morgan has come up with a message stating that regulated futures could give authority to Bitcoin.
Seal of approval
The decision of US regulators to permit Bitcoin futures to trade on the Chicago Mercantile Exchange (CME) has driven Bitcoin into conventional finance. The move could permit financial organization with restricted consent to take Bitcoin exposure.
Nikolaos Panigirtzoglou, an international marketplace strategist at JP Morgan, also experiences that the move could give authority to Bitcoin. In a note to investors, he said:
THE POTENTIAL LAUNCH OF BITCOIN FUTURES TREATY BY ESTABLISHED EXCHANGES, IN PARTICULAR, HAS THE POTENTIAL TO ADD LEGITIMACY AND THUS BOOST THE APPEAL OF THE CRYPTO-CURRENCY MARKETPLACE TO BOTH RETAIL AND INSTITUTIONAL INVESTORS.
Analyst’s views conflict with CEO
CEO Jamie Dimon has strong views about Bitcoin: he considered the currency as a scam and has even threatened to fire anyone who is stupid enough to purchase it. He has raged that governments will push down Bitcoin and that the currency is a bubble which will demolish investors.
Dimon is not alone in his views there are other industry titans like Warren Buffett have said that Bitcoin is best to avoid However, that hasn’t stopped the currency’s price from climbing to new levels.
Panigirtzoglou seems to have taken a view diametrically contradictory to that of his boss, calling Bitcoin a new asset class:
The value of this latest asset class is a purpose of the breadth of its recognition as a store of wealth and as a mode of payment and basically judging by other stores of wealth such as gold, crypto-currencies have the potential to rise further from here.
JP Morgan – BAU in spite of Jamie’s Views
In spite of Jamie Dimon’s statements against Bitcoin, JP Morgan seems to be making the most of the opportunity presented by the currency’s rise. The bank recently invited Bart Stephens, a technology project capitalist, to converse on Bitcoin at JP Morgan San Francisco. Stephens offered fund managers and clients, even as Dimon criticized Bitcoin.
The Remarks made by Jamie Dimon against Bitcoin resulted in a dip in its value, which coincided with JP Morgan purchasing units of a Bitcoin Tracker fund. This has resulted in a marketplace manipulation case against Jamie Dimon in a Swedish court. After the announcement made by CME about the launch of Bitcoin futures, JP Morgan surprised observer by saying that it may include Bitcoin Futures to its own collection of offerings. When the opportunity for money making exists, there are no untouchables for the large banks.
Source: http://www.unkrypted.com/bitcoin-futures-can-add-legitimacy-jp-morgan/
Ricky Is the Co-Founder of Unkrypted, a platform which provides the latest news and information that helps to understand everything about the ever-evolving world of digital currencies.
He is also the founder of Absoltz- a full premier digital marketing agency in Sydney, Australia. He is been fascinated by Blockchain technology since the first time he heard about it in [2013] and now he is more into the technical aspects of Cryptocurrencies and Block Chain technology