Bitcoin might be a the new gold says J.P Morgan - Coin Street

In an unexpected twist,  financial giant, J.P Morgan has announced that Bitcoin could be on the verge of turning into a more traditional asset class like Gold.

Analyst Nikolaos Panigirtzoglou wrote in a report seen by the Telegraph that the CBOE Global Markets and CME Group proposals to offer Bitcoin futures has the potential to elevate cryptocurrencies to an emerging asset class and represents a maturation of the hotly debated crypto currency.

Whether or not his views are sanctioned by his boss Jamie Dimon is another matter.  As recently as last month Mr Dimon, who is a long standing and high profile crypto critic, called people who buy Bitcoin stupid and warned that it would blow up.

However his firm have previously shown that they are more open to Bitcoin, or at least blockchain technology than their leader might have you believe.  J.P Morgan sit on the Ethereum Alliance as partners and are apparently open to investment and investigation into all manner of blockchain technology.  They even have their own blockchain centre of excellence and Ethereum-esque blockchain ledger technology called Quorum.

As Nikolaos Panigirtzoglou, a global markets strategist at JPMorgan said:

“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.”

These are interesting times indeed.  And with the launch of Bitcoin futures contracts only hours away, the story is set to get even more exciting.

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  • Neil
  • December 9, 2017
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