Posted 6 months ago | by @devadmin
You know the bull run is right around the corner when financial service holding company JPMorgan is praising Square’s investment in Bitcoin stating, it’s a “strong vote of confidence” for the cryptocurrency.
Coindesk was first to report on JPMorgan’s Bitcoin report on Tuesday, giving renewed hope that BTC will soon rally past $12,000K, after a slight rejection at $11,400K.
JPMorgan has for years flip-flopped on Bitcoin, with its founder Jamie Dimon at one point saying it was worthless on par with Warren Buffetts comments about the cryptocurrency. In fact, JPMorgan chief executive Jamie Dimon called bitcoin a “fraud” in September 2017. and even made comments about JPMorgan employees owning any would be fired.
Although, around the sametime JPMorgan’s head of digital treasury services Umar Farooq said the following comment.
“We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Farooq, JPMorgan’s head of digital treasury services and blockchain, said back in 2017.
As Forbes reports, the company led by Dimon, turned around its message about cryptocurrency and began diving into the industry. Earlier this year, the bank added its first crypto exchange customers and Dimon reportedly hosted secret meetings with the boss of major bitcoin and crypto exchange, Coinbase.
That’s not all though, around the same time, JPMorgan approved two bitcoin exchanges’ accounts for use with its bank, Gemini and Coinbase, The Wall Street Journal reported.
Now, JPMorgan’s comments are being heralded as a signal that the company sees “a lot of potential” for the cryptocurrency as an asset, JPMorgan analysts said in their report.
If that’s not enough, JPMorgan’s global market strategists predict that Square is likely to make more purchases of BTC. While its purchases will open the door for more payment apps to buy the cryptocurrency. Last week Bitboy Crypto reported Square’s historic purchase of $50 million worth of Bitcoin.
Several analysts at JPMorgan are hopeful that numerous payment companies will enable their clients to buy BTC via their apps, akin to Square’s Cash App. This is likely alluding to the highly speculated confirmed rumor that Paypal is getting ready to jump into the digital currency space within the next couple months.
JPMorgan commented on the purchase of Bitcoins by MicroStrategy as well, which invested $ 425 million in the cryptocurrency. Bitboy Crypto has been saying for months this will be the biggest bull-run you will ever see. First Fidelity releases a report, now even JPMorgan another investment titan is proving us right with its own report on Bitcoin.
You can watch Bitboy Crypto discuss why he’s bullish on Bitcoin going to $20K in the video below.
Bitcoin is currently trading at [FIAT: $11,378.56] DOWN 0.5% in the last 24 hours according to Coin Gecko at the time of this report.