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Jpmorgan Slaps Jamie Demon with an Unprecedented Backing of Bitcoin as the New Digital Gold

Dec 06, 2017 Posted /  10297 Views

Jpmorgan Slaps Jamie Demon with an Unprecedented Backing of Bitcoin as the New Digital Gold

Bitcoin May soon Gain Asset Status

Nikolaos Panigirtzoglou an analyst with JPMorgan believes that the spike in the price of Bitcoin is allowing the cryptocurrency start competing favorably as an asset. Mr. Panigirtzoglou added that bitcoin should drop out of the currency race and join the asset one. He highlighted the numerous changes in the Bitcoin market which have made digital currency easier to invest in. He was quoted saying,

“ Bitcoin futures contracts is a specifically an amazing development slated to add legitimacy to Bitcoin and improves on the appeal of the cryptocurrency to both retailers and corporate investors”

Bitcoin Competing with Gold

With a market cap of more than $6 trillion, gold undoubtedly is valued far more than Bitcoin but bitcoin has an amazing growth pattern. Experts believe that Bitcoin may come to match gold in terms of valuation or even surpass gold all the way.

A portfolio manager at Ashburton Investments, Wayne McCurrie recently said that he believes that Bitcoin has become the digital version of gold. Both Bitcoin and Gold are seen as a store of wealth and at the same time as a functioning tradable commodities. The major similarities between the two commodities are their abilities to resist government control. Both bitcoin and gold can be carried around without provoking any government control and sold to obtain their value in any country.

Meanwhile, Bitcoin just emerged in 2009, gold has swayed market credibility for about 5000 years now. He, however, revealed that for bitcoin to become a true success legislative consensus needs to be reached on a global scale. He was quoted saying,

“Most government will not allow any other monetary system outside the control of the central bank, thus bitcoin will become illegal if it becomes truly big unless it is well legislated”

Good News for the Banks

Bitcoin has already outgrown its early stages when it uses to be seen as the currency used to perpetrate criminal activities and petty internet transactions. Following its recent increase in value, everybody now wants to have a piece of the Bitcoin cake.

Traditional Banking institutions are nervous of how bitcoin could liberate the people from the grip of the government-backed fiat currencies. Currently, no one is paying attention to such petty chicken fights, most people are aiming at accumulating a significant amount of Bitcoin so as they too could have a piece of the cake.

Everybody in the Financial sector seems to be realizing the true full potential of Bitcoin. People in the federal reserve are really concerned about how bitcoin is progressing over the years.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: price of Bitcoin bitcoin Jamie Dimond Jpmorgan Digital Gold

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