JPMorgan Switches Tact, Now Backs Bitcoin as ‘New Gold’

December 5, 2017 6:27 pm Published by

Back in September 2016, JP Morgan CEO Jamie Dimon refuted the entire world of bitcoin, calling it a “fraud.”

But Tuesday, the company did a complete 180-degree turn and now is praising the digital coin as a “new gold.”

Analysts at JPMorgan now believe Bitcoin has changed and it could soon be joining gold as a reliable, long-term method of storing wealth, Cointelegraph reported.

Recent growth and recent changes have seen Bitcoin lean more towards being digital gold, the report said, and this is where JPMorgan see its value.

The huge spike in Bitcoin value is allowing it to start competing as an asset class and not a currency, JPMorgan analyst Nikolaos Panigirtzoglou said.

Making digital currency easier to invest in, he said, makes digital currency easier to invest in.

“The prospective launch of Bitcoin futures contracts by established exchanges, in particular, has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors,” Panigirtzoglou said., Jack Durschlag

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