JPMorgan, one of the world’s largest banks, has changed its attitude towards Bitcoin. This financial institution recognizes the quality of the first cryptocurrency.
Since Satoshi Nakamoto created Bitcoin 11 years ago, the attitudes of governments, companies, and the public in general towards cryptocurrency have changed radically. There has been a shift from indifference to skepticism, to a point where the existence and importance of crypto assets receive recognition, with a certain suspicion, according to the latest JPMorgan report, in which they flatter Bitcoin.
Attitude of the Financial World
It has not been easy for Bitcoin to gain the acceptance of society. Since its creation, several of the main actors in society have treated the cryptocurrency with a mix of hostility and indifference. Initially, they chose to view the first cryptocurrency in history as a mere curiosity for crypto fans.
However, the increasing importance of Bitcoin and other cryptocurrencies in the financial market has also led companies and governments to change their attitude. Some organizations, such as JPMorgan, are more open than others to the prospect of Bitcoin’s consolidation and growth on a global scale.
Some political figures such as the President of the United States, Donald Trump, strongly criticize Bitcoin on their Twitter accounts. This leader has sometimes stated that he is not a fan of the cryptocurrency and has noted that it could facilitate illegal behavior in the digital world.
Financial institutions like Goldman Sachs have also dedicated harsh words to Bitcoin. They have even gone until now as to establish, in a report leaked to the press, that the cryptocurrency is not even a financial asset. JPMorgan reportedly went so far as to separate itself from this attitude.
JPMorgan Praises Bitcoin
For a long time, JPMorgan was one of the main critics of Bitcoin. The director of the firm even went so far as to declare Bitcoin a fraud. Now, when the price of the cryptocurrency is around USD 10,000, consolidating itself as the best performing financial asset of the year, the bank has been forced to change its attitude.
In a recent report by the firm, JPMorgan has admitted that Bitcoin, as well as other cryptocurrencies, has managed to consolidate itself as an asset in the long term. They state that the structure of the cryptocurrency market proved to be more resilient than that of fiat currencies, stocks, treasury bonds, and gold.
This would be an important advance in the attitude of a bank of such importance worldwide. Even though they admit that cryptocurrencies are in no way a fraud, this would not be a turnaround in that attitude. What they do state is that Bitcoin’s price action points to its use as a “vehicle for speculation” rather than as a medium of exchange or a store of value.
However, JPMorgan has changed its attitude towards Bitcoin and recognizes that cryptocurrencies have an important future ahead of them. This already represents a victory for the entire crypto community, particularly after the recent attack by Goldman Sachs.
By Alexander Salazar
