JPMorgan has changed its position on Bitcoin.
It might become a new type of gold.
Less than a month ago Jamie Dimon, the CEO of JPMorgan, called Bitcoin a "fraud", and now the company has a different position on the cryptocurrency. Analysts at JPMorgan believe that Bitcoin has changed its shape and that it could soon be joining gold as a reliable, long-term way to store wealth. Recent growth and recent changes have seen Bitcoin lean more towards being digital gold, and this is where JPMorgan see its value.
During the last month, many analysts and investors were criticizing JPMorgan for unfounded accusations of Bitcoin. Recently, the company itself has been charged for $4 billion for fraud. Following that, Dimon, breaking the promise not to talk about Bitcoin, described it as a tool for money-laundering. Ironically, The Swiss Financial Market Supervisory Authority (FINMA) exposed JPMorgan in money laundering.
A few days ago, Nikolaos Panigirtzoglu, an analyst from JPMorgan, made a statement saying that Bitcoin has a great chance of becoming the new type of an asset, especially considering that CBOE and CME are planning to introduce Bitcoin futures.
"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."
Last but not the least important thing. The combined market capitalization of all digital currencies reached an all-time high of more than $404 billion, according to Coinmarketcap data. Their market value overtook that of JPMorgan, which is currently at $366.8 billion.