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Even JP Morgan seems to have surrendered to evidence: the price of Bitcoin is rising and this will make it an increasingly attractive asset in the market.

In a recent report the US bank had agreed in the end that institutional investors would prefer Bitcoin to gold. According to this report, the capitalization of BTC itself would have to grow 10 times to meet investor demand. This is an admission of how much Bitcoin has become a desired asset.

But it was not always so. In fact, JP Morgan’s CEO, Jamie Dimon, called Bitcoin a scam in 2017. He also prohibited his employees from trading with Bitcoin for two reasons:

„It’s against our rules and they’re stupid“.

Bitcoin was defined:

„Worse than tulip bulbs, it will not end well. Someone will get killed“.

How did it go afterwards? These statements are dated September 2017, Bitcoin was worth about $3,000.

In December it would have been worth $20,000 and then collapsed in January 2018. Since then Bitcoin has started a path of ups and downs culminating in $3,400 in December 2018, followed by $13,000 in June 2019, and then experienced the March 2020 crash that brought it back under $4,000.

Since March 2020, Bitcoin has started a climb culminating in these days with the price at a pace of $19,000, very close to the all-time record.

But Jamie Dimon hasn’t changed his mind.

Just a few days ago in a speech, JP Morgan’s CEO commented:

„Bitcoin is not my cup of tea.“

An expression that reveals once again how the CEO of the U.S. bank is not convinced of the goodness of Bitcoin.

But his bank seems to go in another direction, at least in the relationships distributed to investors.
„Everyone capitulates“

It still takes patience. As Anthony Pompliano commented on Twitter:

„In the end, everyone capitulates“.

After all, many have changed their minds about Bitcoin. One skeptical person was Stanley Druckenmiller, who in 2018 prophesied the end of Bitcoin while in recent days he admitted to buying BTC.

Then there are those who remain skeptical like Ray Dalio who still have doubts about the validity of Bitcoin.

Time will give the answers. Bitcoin since the month of October has triggered a race that has led him to grow in price in a way that reminds everyone of the bull run of 2017.

It will be the next few weeks to say if the price will suffer jolts and possibly losses in value, or if it is destined to grow even more. This trend will stabilize if enthusiasts like Anthony Pompliano are right, or if the criticism of Jamie Dimon and partners is well-founded.

Non capita tutti i giorni che gli investitori Bitcoin ricevano un promemoria di quanto velocemente il cripto-asset sia cresciuto nel corso degli anni e del suo potenziale per replicare un aumento Bearbeiten Datum und Uhrzeit ändern così massiccio in futuro.

Allen Walton di Spyguy.com ha recentemente condiviso una storia del genere sul suo manico di Twitter, rivelando come un valore di 1 dollaro di Bitcoin che aveva ricevuto nel 2016 valesse ora circa 65 dollari. Il $1 in bitcoin nel febbraio 2015 valeva circa 0,003696 BTC, con Bitcoin Loophole scambiato ad un prezzo di circa $249 a moneta nel giorno.

L’importo è stato accreditato per aver completato un processo di verifica bancaria su Coinbase in quel momento e rappresenta un aumento di circa 65x del prezzo del Bitcoin da allora ad oggi. Il Bitcoin era scambiato ad un prezzo di $15950 al momento della scrittura, con un limite di mercato di $295 miliardi di dollari.

Finalmente sono entrato nel mio conto Coinbase.

Una storia divertente – mio fratello mi ha detto di entrarci nel 2014 o giù di lì.

Ho aperto il mio conto e aveva bisogno di verificare la mia banca – mi avrebbe dato 1 dollaro una volta verificato.

Poi me ne sono dimenticato.

Ora vale 65 dollari.

Anche se un investimento più grande varrebbe certamente di più oggi, la storia di Walter solleva dubbi sul fatto che le borse di criptovalute di primo livello come Coinbase siano una buona alternativa per gli investitori per conservare le loro partecipazioni a lungo termine in Bitcoin.
I CEX come Coinbase sono sicuri per la conservazione a lungo termine?

Secondo Walton, che a quanto pare sta cercando di tornare a Bitcoin dopo molti anni, la difficoltà principale che ha dovuto affrontare per riottenere l’accesso al vecchio conto Coinbase è stato un „inferno di assistenza clienti“. Ma, ha riottenuto l’accesso dopo aver superato l’esercizio di controllo dello scambio.

D’altra parte, molti detentori di criptovalute hanno perso fondi per milioni di dollari semplicemente perché hanno scelto di autocustodire i loro beni e hanno perso le loro chiavi private per diversi motivi. Degno di nota è anche il fatto che molti cambi di criptovaluta come QuadrigaCX, Cryptopia e recentemente KuCoin hanno subito situazioni che hanno messo in pericolo i fondi degli utenti nello stesso periodo.

In sintesi, sembrerebbe che il livello di esperienza di un utente (principiante) con Bitcoin significhi che i cambi di criptovaluta di livello 1 offrono un certo grado di protezione, nel caso in cui si dimentichino i loro investimenti e debbano tornare da loro in futuro per una busta paga di 65 dollari.

Ethereum has seen a sharp correction in the past few days while Bitcoin has slid down.

At the time of writing, ETH is trading for $ 370 – roughly 7.5 percent down from its high of $ 400 set just 36 hours ago. The cryptocurrency failed to overcome the crucial resistance of $ 400, despite Bitcoin hitting a new annual high of $ 14,100 over the weekend.

The sell-off at ETH was marked by a series of rapid sell-offs, suggesting that there may be a contingent of Ethereum investors who are seeing a bear trend in the asset in the short term and are therefore trying to liquidate their coins as soon as possible.

Ethereum sell-off marked by selling pressure from large investors

As the crypto asset analyst „CL“ notes, the decline in Ethereum began on Monday with a rapid sell-off on Binance’s futures market.

According to his data, the coin fell $ 15, or about four percent, in a single second. CL claims the decline was due to cascading „trigger orders“ on Binance’s futures – suggesting that there are whales or big traders who didn’t expect the coin to drop much lower.

While the movement was initially bought up, the cryptocurrency continued to move down after that rapid sell-off.

The pressure from the spot market also drove ETH down.

For example, shortly after the Ethereum correction, the crypto asset analysis and data firm Coin Metrics reported that users had deposited 4,000 ETH into Binance twenty minutes before the downturn began. 4,000 ETH is currently around 1.5 million dollars.

Coin Metrics‘ chart also shows that thousands of ETH were sent to Binance hours before the downward move – along with thousands of ETH sent to exchanges like Kraken after the first part of the downward move.

Another risk of falling for ETH

Analysts fear that after falling to $ 370, ETH will have more leeway to move down.

Su Zhu, CIO and CEO of Three Arrows Capital, joked on November 2nd that a valid „yield farming“ strategy would be to deliver wrapped bitcoins to Compound, lend ETH, sell that ETH for wrapped bitcoins, and then repeat . This would create a leveraged short position on Ethereum versus Bitcoin while also adding COMP.

„Safe idea: deliver wBTC to Compound, lend ETH and sell uniswap to wBTC, supply wBTC again, manage COMP + generate permanent profits from ethbtc and reap the benefits.“

Others take a similar view and comment that the macroeconomic aspects are much clearer for Bitcoin at the moment than for Ethereum.