Eleven years have passed since the emergence of Bitcoin by Satoshi Nakamoto. And in this time, the attitude of governments, companies and the general public regarding cryptocurrency has changed radically. Moving from indifference, to skepticism, to a point where the existence and importance of crypto assets is recognized, with some suspicion. Which can be clearly seen in the latest JPMorgan report flattering Bitcoin.
The attitude of the financial world
Bitcoin’s path to being accepted by society has not been easy. Well, since its birth, the cryptocurrency has been treated with a mixture of hostility and indifference by several of the main actors in society. Those who initially chose to see the first cryptocurrency in history, as a curiosity for some fans of crypto.
However, as the importance of Bitcoin and other cryptocurrencies grew in the financial market. The attitude of companies and governments also had to change with it. With some organizations, such as JPMorgan, being more open than others to the prospect of Bitcoin’s consolidation and growth worldwide.
Thus, on the one hand we see political figures such as the President of the United States, Donald Trump, harshly criticizing Bitcoin through his Twitter account. Declaring not to be a fan of virtual currency, and stating that it could lend itself to illegal behavior in the digital world.
While in the financial world, institutions like Goldman Sachs have also dedicated harsh words to Bitcoin. Even going so far as to establish, in a leaked report to the press, that the cryptocurrency is not even a financial asset. An attitude from which JPMorgan would noticeably separate.
JPMorgan flatters Bitcoin
And it is that, although for a long time JPMorgan was one of the main critics of Bitcoin. Even reaching the point where the Director of the firm declared Bitcoin a fraud. Now, when the price of the cryptocurrency is around $ 10,000, consolidating itself as the best performing financial asset of the year, the bank has been forced to change its attitude.
Thus, in a recent report from the firm, JPMorgan has admitted that Bitcoin, as well as other cryptocurrencies, have managed to consolidate as an asset in the long term. Establishing that “The structure of the crypto market turned out to be more resilient than that of currencies, stocks, Treasuries and gold“
This would be an important advance in the attitude of one of the largest banks in the world, such as JPMorgan. Although it would not be a total turn in the same, well, although they admit that cryptocurrencies are not in any case a fraud, if they establish that: “Bitcoin’s price action points to its continued use more as a vehicle for speculation than as a medium of exchange or store of value“
However, the simple fact that JPMorgan changes its attitude towards Bitcoin, and recognizes that cryptocurrencies have an important future ahead, is already a victory for the entire crypto community. Especially after the onslaught recently suffered by Goldman Sachs. What makes this our Today’s Data here at CryptoTrend.