JPMorgan Strategist Speaks Out In Favor Of Adding Legitimacy Via Bitcoins To Emerging Asset Class
In spite of Jamie Dimon, the CEO of JPMorgan Chase terming Bitcoin as a fraud and calling Bitcoin buyers, “Stupid” which could end up hurting the investments of people, a strategist working at the same bank has openly stated that Bitcoin houses tremendous potential and the soon to be launched futures platform could impart a tag of legitimacy to the same.
Global markets strategist Nikolaos Panigirtzoglou, working at JPMorgan announced on Friday that:
“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.”
CME and CBOE, two of the biggest exchange traded platforms in U.S. revealed their decision to launch Bitcoin futures subject to the approval by the Commodity Futures Trading Commission. CFTC announced on Friday that it has shown a green signal to the exchanges to launch Bitcoin future contracts. Chicago Mercentile Exchange, the largest futures exchange of the world has given a date of 18th December to come forward with its Bitcoin futures service.
“In all, the prospective introduction of Bitcoin futures has the potential to elevate cryptocurrencies to an emerging asset class. The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment and simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here,”
Dimon has seen the very start taken an anti-Bitcoin stand. The banking executive announced back in September that this digital currency is a “fraud” which “won’t end well.” He even added in October that people who were “stupid enough” to buy the same shall “pay the price for it one day.” Dimon was however hopeful of the underlying technology behind Bitcoin, I,e, Blockchain. He was just wary of the fact that government bodies have yet not provided any legal backing to Bitcoins.
The bank is already associated with an array of blockchain-related projects. It started working on the open-source, enterprise-grade transaction network “Quorum” focused on data privacy back in 2015. This platform is build upon the Ethereum Blockchain. The bank is also one of the founder members of Enterprise Ethereum Alliance and has partnered with the privacy-focused digital currency Zcash developers in May. Wednesday marked an all-time high of $11,000 on Bitcoin’s price radar. Starting with just a mere $1,000 at the beginning of the 2017, this indicated a magnificent 11 times hike in price. However the price of Bitcoin dropped back sharply to $9,000 on Thursday before recovering back to a near $10,605 figure on Friday. But still market experts says Bitcoin price may rise more in 2018.
Hedge Fund legend, Micheal Novogratz, who correctly predicted that Bitcoin price would touch $10,000, now predicts that Bitcoin Price could touch $40,000 by 2018 end and Ethereum price may triple from it’s current market price of around $500.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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