Wall Street’s Old Guard Has A Double Standard When It Comes To Bitcoin

· September 20, 2017 · 12:30 pm

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After JP Morgan CEO Jamie Dimon sensationally classified Bitcoin a ‘fraud’ remaining week, the founder

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After JP Morgan CEO Jamie Dimon sensationally classified Bitcoin a ‘fraud’ remaining week, the founding father of the sector’s biggest hedge fund, Ray Dalio, has additionally pop out in opposition to the cryptocurrency calling it a ‘bubble’. However, it sort of feels like banking’s outdated guard does no longer put their cash the place their mouth is.

The Dimon Dilemma

JP Morgan CEO Jamie Dimon closely attacked Bitcoin remaining week calling it a ‘fraud’ or even went so far as announcing that he would hearth any of his bankers in the event that they indulged in buying and selling of the cryptocurrency. Financial weblog Zerohedge, then again, had puzzled the veracity of his remarks because the financial institution indulged in Bitcoin buying and selling. A JP Morgan spokesman declared on Monday that even though the financial institution didentity no longer take positions at the software with its personal capital however as a substitute routes the orders electronically to exchanges, he conceded that they’d been “routing customer orders for bitcoin-related instruments”.

With other folks short of better publicity to Bitcoin, numerous distinguished Wall Street banks comparable to Morgan Stanley, Goldman Sachs, and Credit Suisse act as agents for purchaseers and dealers of Bitcoin XBT on Nasdaq’s Stockholm-based trade, in step with Swedish on-line financial institution Nordnet AB. Most of those banks have even integrated Blockchain similar initiatives and are available in the market for technicians who’ve sound wisdom of the generation underlying cryptocurrencies. Mint Partner’s Bill Blain even claims that numerous other folks have heard JP Morgan bankers bragging in pubs about how a lot they’ve made out of retaining Bitcoin.

Same Old Same Old?

In gentle of those tendencies, the phrases of Dimon and others from the outdated guard of banking apparently seem hole. It issues to a broader trend: on every occasion Bitcoin costs rally strongly, a Wall Street hotshot provides an interview caution in regards to the cryptocurrency, predicting its imminent crash. These Wall Street giants all have a minimum of something in commonplace – they’re outdated, don’t perceive generation, and feature little to no wisdom of ways cryptocurrencies actually paintings.

Despite their cynical claims, Bitcoin holds it personal and beneficial properties prominence by way of the day. This is strictly why when Bridgewater Associates founder Ray Dalio, who manages just about $160 billion in hedge finances, turned into the newest Wall Street outdated guard to criticize the cryptocurrency calling it a ‘bubble’, not many have been left amused. It used to be anticipated – extra of the ‘same old-same old’ – since all his unoriginal arguments and myths have already been up to now debunked by way of the Bitcoin neighborhood.

Fear Factor

Rainer Michael Preiss, government director at Taurus Wealth Advisors, issues out that US financial institution CEOs are extremely more likely to be afraid of Bitcoin. In an interview with CNBC, he stated:

Of route, should you run an excessively massive U.S. financial institution, probably you might be fearful of blockchain and Bitcoin.

With detractors frequently lambasting cryptocurrencies as ‘volatile’ and a ‘weak store of value’, Preiss means that the true explanation why for those repetitive monotonous assaults on cryptocurrencies in fact stem from uncertainty across the present banking device’s loss of transparency.

This may make cryptocurrencies a viable choice for traders as blockchain generation files each and every transaction that happens within the virtual ledger, making it totally clear.

Preiss persevered:

The issues are in regards to the fractional reserve banking device, and the steadiness sheet of the Federal Reserve at $four.five trillion, the place the Fed formally refuses an audit. On the opposite hand, at the bitcoin blockchain, you will have an audit on a daily basis as it’s open-sourced.

Whatever be the way forward for Bitcoin, something is certain: individuals who speak about it within the information appear to both find it irresistible or hate it, there’s no middle-ground.

What do you consider Wall Street’s outdated guards continuously trashing Bitcoin? Do you trust Dimon or do you suppose he makes unfaithful, closely biased claims? Will Bitcoin end up to be a rip-off or a progressive cryptocurrency in a decade’s time? Let us know within the feedback underneath.

READ  Taiwan's FSC Chairman Opposes Heavy-Handed Cryptocurrency Regulations

Images courtesy of Twitter, Wikimedia Commons

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