Crypto purists scoffed at the JP Morgan coin announcement – and rightfully so. After nearly three years of shunning Bitcoin and crypto altogether, Jamie Dimon and his cohorts cooked up a crypto of their own.
Every news outlet in the world covered it. Every single one. And the news lasted for days and quickly made its way into the heads and hands of what most crypto diehards would call ‘plebs’.
Guess what those ‘plebs’ did with the JP Morgan coin information? They bought Bitcoin, Bitcoin futures, Ethereum (a whole lot of $ETH) and all manner of alt-coins as the crypto markets surged.
We went on the hunt to find out if a hunch we had had some meat to it. In speaking with our staffs friends and family, every single one of them asked “what do you think of the JP Morgan coin?”
That set our ears ablaze and gave us a reason to have deeper industry conversations.
Sure enough several hedge fund contacts were seeing and hearing the same thing. In the short run, the JP Morgan coin announcement breathed new life into the crypto narrative and added a large slice of credibility.
One hedge fund source said the following:
“Every adult with a bank account and a job knows who JP Morgan is. So the announcement of a native cryptocurrency brought interest to a renewed and fresh level that had been diminished throughout nearly all of 2018. My wife even asked me about it the day after it was announced. The huge bounce in volumes in Bitcoin and, for example, Bitcoin futures at the CME are indicative of the wave the announcement caused.”
A second hedge fund source went a step further:
“It isn’t that far fetched to foresee a look back in six months and point to the $JPM coin as the catalyst that busted the bear market. Sentiment and narrative play a huge role in what remains a pretty small markets at this point. The JP Morgan news pushed prices higher across the board and those price increases weee seriously validated by a surge in volumes.”
Again, nobody with a reasonable grip on the history and mission of Bitcoin and crypto believes that the JP Morgan coin poses any sort of existential threat to the ecosystem. In fact, those that claim that it may just be another shitcoin may not be that far off.
Be that as it may, everybody we’ve run into that is outside the crypto echo chamber has one question and one question alone: What do you think of the JP Morgan coin?