Given the strong views of JP Morgan CEO Jamie Dimon on Bitcoin, it is ironic that a global markets strategist at JP Morgan has come out with a note saying that regulated futures could give legitimacy to Bitcoin
Seal of approval
The decision of US regulators to allow Bitcoin futures to trade on the Chicago Mercantile Exchange (CME) has pushed Bitcoin into mainstream finance. CME obtained the regulators’ go-ahead after self certification, having assured the US CFTC that the products will follow existing law. The move could allow financial institutions with restrictive mandates to take Bitcoin exposure.
Nikolaos Panigirtzoglou, a global markets strategist at JP Morgan, also feels that the move could give legitimacy to Bitcoin. In a note to investors, he said:
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
Analyst’s views conflict with CEO
CEO Jamie Dimon has strong views about Bitcoin: he believes the currency is a fraud and has even threatened to fire anybody who is “stupid enough” to buy it. He has ranted that governments will shut Bitcoin down and that the currency is in a bubble which will wreck investors…