Psssst… Someone call up Jamie Dimon. Tell him that the market capitalization for cryptocurrencies has passed the $400 billion benchmark and is now past the market capitalization of his own firm, JPMorgan Chase.
We wonder what Mr. Dimon is thinking right now on the matter of bitcoin and the various other altcoins that are in the marketplace that are thriving and booming in their various settings.
It seems that the more people from these older institutions rail against the cryptocurrency market, the stronger it grows. Dimon has been one of the more vocal ones, calling it a fraud and saying that he’ll fire any of his traders that are stupid enough to enter the cryptocurrency market.
While Jamie continues to bash Bitcoin and say that it’s used for fraud, bitcoin shoots higher and higher. The virtual currency is currently sitting at $17,399.00 US Dollars at the time of this writing! WOAH! That’s another milestone!
Hey Mr. Dimon, you might want to take these words back:
“I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you’re stupid enough to buy it, you’ll pay the price for it one day. I’ve also told people that it can trade at $100,000 before it trades to zero. Tulip bulbs traded for $75,000 or something like that.”
While the CEO of JP Morgan seems to be sticking to a particular rhetoric, it seems the rest of his organization is thinking a little differently. Different heads of departments at his organization are calling bitcoin “an emerging asset class,” saying that it may soon be as reliable and as solid as gold, a significant store of value.
Analysts like Panigirtzoglou have 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.”
While Bitcoin ticks upward we are also seeing a significant rise from cryptocurrencies like IOTA.
IOTA might be going to the moon, well, it’s looking to reach its own respective moon. The currency went from its earlier prices of $1.40 to breaking a milestone and sitting at $5.55.
The IOTA Foundation and IOTA team are seeking to do some big things as they gear up for the future, connecting data providers with data seekers. They are looking to tap into the “Internet of Things,” a phenomenon that is slowly happening to everything around you as everything turns smart. The team wants to utilize this data and provide access to it for a variety of parties. The marketplace that they are seeking to build would provide significant value to all parties involved from the business and the academic fields because it helps them to study needs and gaps in the marketplace that could be met with diligent research and product execution.
Watch out for IOTA!