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JPMorgan co-president admits the demand for Bitcoin will come at “some point”

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In a conversation with CNBC about Bitcoin, JPMorgan co-president Daniel Pinto said the demand for Bitcoin will come at “some point.”

Albeit the message seems ostensibly optimistic, Pinto is implying that the demand for Bitcoin isn’t here just yet.

What kind of demand for Bitcoin would be sufficient?

The price of Bitcoin has increased by nearly five-fold since October, in merely four months.

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In the process, the volume on centralized exchanges exploded, while institutional platforms and vehicles such as the CME Bitcoin futures market and the Grayscale Bitcoin Trust saw record volume.

Still, Pinto noted that the demand for Bitcoin isn’t “there yet,” suggesting that it would have to grow more to have major investment banks, like JPMorgan, to get involved. He said:

“If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved. The demand isn’t there yet, but I’m sure it will be at some point.”

But, the point where asset managers and investment banks would consider treating crypto asses seems to be getting closer.

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As an example, on February 11, Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, said that the bank would soon offer Bitcoin services.

In a statement obtained by CNBC, Regelman said:

“BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets. Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field.”

Prior to BNY Mellon’s surprising decision to facilitate crypto assets, Mastercard, the credit card payments giant, said it would allow its customers to use certain cryptocurrencies in the future.

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Although not all banks, institutions, and financial companies might find cryptocurrencies as an established asset class at this point, there are many financial conglomerates that do.

Hence, from the perspective of mainstream adoption, the continuous improvement in the appetite to serve and facilitate cryptocurrency-related services is highly positive.

Is this having an impact on the price of BTC?

In the past two days, almost as soon as the Mastercard and BNY Mellon news broke, Bitcoin rallied strongly to a new all-time high.

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15-minute price chart of Bitcoin. Source: BTCUSD on TradingView.com

The positivity around traditional financial companies supporting cryptocurrencies is clearly boosting the market sentiment around BTC and crypto assets, in general.

If the trend of public corporations accumulating Bitcoin or supporting the dominant cryptocurrency continues, it would likely fuel the price of BTC past key resistance areas.

Before the BNY Mellon news broke, BTC was stagnating below $44,000, struggling to break out.

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Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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