Expert examines JP Morgan’s spectacular U-turn on Bitcoin

Tuesday, June 2nd, 2020

Published on

yahoo finance

Earlier this week it was reported that major multi-national investment bank JP Morgan had offered accounts to both Coinbase and Gemini.

The surprising move comes two years after JP Morgan’s CEO, Jamie Dimon, labelled Bitcoin as a “fraud” that had no value.

Experts are now predicting that with the likes of JP Morgan hopping on board, mass adoption will accelerate as credibility around the asset class increases.

Ted Quek, CTO of Broctagon Fintech Group said: “It is interesting to see how the tables have turned here. A CEO who once called Bitcoin a ‘fraud’ is now recognising the real-use cases for crypto in financial services. It is a testament to how sector-wide attitudes are shifting.

“What was once regarded by many as ‘internet money’ is slowly stumbling its way into mainstream acceptance. Only recently, Paul Tudor Jones has also thrown his hat into the crypto mix, and now high-profile exchanges are receiving the backing of one of the most renowned financial institutions on the planet.”

He added that while it will undoubtedly improve sentiment among public investors, there is still a way to go with institutions due to the lack of regulatory frameworks that underpin cryptocurrencies.

Read the article on Yahoo! Finance

About Broctagon Fintech Group

Broctagon Fintech Group is a multi-asset liquidity and technology provider headquartered in Singapore with over 10 years of established global presence in China, India, Russia, Cyprus, Hong Kong, Thailand and Vietnam. With our decade of serving satisfied clients in 50 countries, Broctagon is well-equipped to elevate companies through performance-driven and flexible turnkey solutions such as our liquidity aggregator technology, brokerage technology solutions, and enterprise blockchain development.

WordPress Video Lightbox Plugin