JPMorgan Suffers Whiplash as They Say Bitcoin Could be the New Gold

A strategist at JPMorgan Chase now says that Bitcoin could be a legitimate asset like gold even though CEO Jamie Dimon rips into the cryptocurrency. Will JPMorgan suffer whiplash from this constant back-and-forth?

Is there a doctor in the house? We could use one as JPMorgan Chase once again does an about-face concerning Bitcoin, which may lead to a case of whiplash. The banking and financial services giant has a dubious history with the popular cryptocurrency, mainly due to their CEO, Jamie Dimon, who has publicly and repeatedly lashed out at Bitcoin while praising the underlying blockchain technology. Now one of their strategists says that Bitcoin could be the new gold and be a legitimate asset.

Going Back and Forth

A global markets strategist at JPMorgan Chase, Nikolaos Panigirtzoglou, recently issued a report that painted a far warmer picture of Bitcoin than the company’s CEO. The fact that the Commodity Futures Trading Commission has approved the launch of Bitcoin futures trading for CME and the Cboe Futures Exchange puts the status of the digital currency in a new light.

In his report, Nikolaos Panigirtzoglou says:

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.

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