Less than a month since CEO Jamie Dimon inaccurately described bitcoin as a "fraud," JPMorgan seems like its changing its stance on the Bitcoin.
Throughout the past month, analysts and investors in both the cryptocurrency and conventional finance markets have criticized Dimon and JPMorgan for their baseless censure on bitcoin.
Almost instantly after the company’s CEO called bitcoin a fraud and a bubble, JPMorgan was fined $4 billion for actual fraud in September.
After that, Dimon broke his promise to not discuss bitcoin any longer by describing it as a money laundering tool. Ironically, JPMorgan was cracked down by the Swiss financial authority FINMA, for money laundering shortly after.
Earlier this week, JP Morgan analyst Nikolaos Panigirtzoglou, publicly stated that bitcoin has the potential to become an emerging asset class, given that CME Group, CBOE and Nasdaq three of the world’s largest options exchanges, will list bitcoin futures by mid-December as reported here on Justcryptonews.com earlier this week. In the words of Panigirtzoglou:
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,
He further indicated that as the acceptance of bitcoin as a store of value continues to increase, the market valuation and price of bitcoin will likely increase proportionally.
Read : Major Japan Exchange Will List Bitcoin Futures ASAP
This week, several highly respected analysts including Satoshi Citadel Industries (SCI) co-founder Miguel Cuneta explained that bitcoin is just starting to transform the finance sector, and the price of bitcoin, which is currently at around $11,500, will grow exponentially in the forthcoming years. Cuneta said:
Over one-third of a trillion dollars. That’s the total mass of cryptocurrencies in the world. $195 Billion belongs to Bitcoin alone, which just shows how dominant network effects can be. Because of Bitcoin technology, the power to produce money was granted to every single human being on earth and at the same time taken away from the usual suspects: kings, oligarchs, and governments,
In the long-term, it looks like, more investment banks, hedge funds, financial institutions, and investors are changing their stance on bitcoin.