Expert Examines JP Morgan’s Spectacular U-turn on Bitcoin

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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