There’s no end to Wall Street greed. When it comes to making money, these people have zero alliances and no guiding principles. They’ll say one thing one day and totally change their minds the next, if it means generating profits.
It’s astonishing to see how suddenly the tide has changed from derision to optimism. What we’re witnessing is a swift U-turn as the “smart money” is finally getting on board and realizing that they can’t afford to let the crypto movement leave them behind.
Cryptocurrency doesn’t need rescuing: Bitcoin and the other major coins have survived multiple price crashes in the past and recovered to all-time highs and beyond. Naturally, critics were only focused on Bitcoin’s price deflation after the hype and mania of 2017 wore off.
The price decline prompted criticism from some big names in banking. 2018 was a brutal year for anyone who got in at the peak. Much of this was precipitated by regulatory challenges, but regulators are running out of excuses to impede the inevitable progress of blockchain technology – and institutional investors are recognizing this.
Morgan Creek Capital Management, for example, just launched the very first cryptocurrency-focused public pension funds. This would have been unimaginable not long ago, as they tend to focus on more conservative investing strategies.
The pension plans will invest some capital into private companies with a digital currency or blockchain focus, as well as some capital into liquid cryptocurrencies. Morgan Creek has already exceeded their original target of $25 million for the fund, illustrating the smart money’s conviction that crypto and the blockchain will be around for a long time and will provide tremendous value irrespective of short-term price movements.
The biggest smart money head-turner has come from none other than JPMorgan CEO Jamie Dimon, who had nothing but vitriol for Bitcoin in 2017 and much of 2018. One of crypto’s biggest detractors, Dimon once called Bitcoin a “fraud” that wouldn’t end well for its investors and asserted that cryptocurrencies are “worse than tulips bulbs.”
Dimon maintained that he wasn’t interested in Bitcoin as an investor. Yet it seems that JPMorgan also sought to straddle the fence, as Dimon and his managers have consistently maintained that blockchain and regulated digital currencies hold promise.
Dimon and JPMorgan have just launched their own stable coin cryptocurrency. Unbelievably, they’ve even called it JPM Coin, and now they’re apparently in favor of cryptocurrencies as long as the coin is properly controlled and regulated.
Jamie Dimon is a wolf in sheep’s clothing, but no one can deny that this is a game changer for crypto. Remember, JPMorgan, the biggest bank in the U.S., is valued at around $340 billion dollars, moves more than $6 trillion around the world every day, and banks with 80% of the Fortune 500 companies.
And so, this is much more than a U-turn in one man’s or one company’s attitude. Sure, it’s a colossal capital infusion into the crypto space, and the first real-world use of a digital coin by a major U.S. bank, but the significance of JPM Coin goes far beyond a one-time money move.
It’s the big entrance of Wall Street into crypto, and the beginning of the end for anyone who ever doubted that cryptocurrency and the blockchain would earn legitimacy in the financial community. Its biggest critics are now coming to the other side – to the point where they’re pretending that they never doubted crypto.
All that matters is the progress of cryptocurrency and the blockchain, and by all indications – including the smart money flow – the future will be truly outstanding.
Best Regards,
Brad Robbins
President, PureBlockchainWealth.com
Legal Notice:
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