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JP Morgan Strategist Says Regulated Futures Markets Give Bitcoin Legitimacy

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.

Dimon is not alone in his views – other industry titans like Warren Buffett have said that Bitcoin is best avoided. However, that hasn’t stopped the currency’s price from climbing to new levels.

Panigirtzoglou seems to have taken a view diametrically opposite to that of his boss, calling Bitcoin a new asset class:

The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment and simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here.

JP Morgan – BAU in spite of Jamie’s Views

In spite of Jamie Dimon’s views against Bitcoin, JP Morgan seems to be making the most of the opportunity presented by the currency’s rise. The bank recently invited Bart Stephens, a tech venture capitalist, to give a talk on Bitcoin at JP Morgan San Francisco. Stephens presented to fund managers and clients, even as Dimon slammed Bitcoin.

The comments made by Jamie Dimon against Bitcoin resulted in a dip in its price, which coincided with JP Morgan buying units of a Bitcoin tracker fund. This has resulted in a market manipulation case against Jamie Dimon in a Swedish court. After CME announced the launch of Bitcoin futures, JP Morgan surprised observers by announcing that it may add Bitcoin futures to its own list of offerings. When opportunities for money making exist, there are no untouchables for the big banks.

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‘It’s An Orgy!’ Industry Reacts To US Bitcoin Futures Go-Ahead

“It’s an orgy” is how one strategist described the breaking news that US regulators have approved Bitcoin futures to start this month.

The US Commodity Futures Trading Commission (CFTC) confirmed Friday that CME Group and CBOE had met the requirements for regulated trading, while Cantor Exchange would also be able to debut Bitcoin binary options.

The news quickly rippled out across the industry and media, with a stream of delighted bullish statements gracing Twitter and other platforms.

Bitcoin prices are reacting in kind as of press time, with a surge towards $11,000 well underway. Bitcoin has gained $700 in a matter of hours, with another $600 to go before all-time highs of $11,360 seen earlier this week are challenged.

Curious alternative responses are meanwhile coming from the likes of Digital Currency Group CEO Barry Silbert.

Speaking on CNBC about the futures approval, Silbert told the audience they should look to take profits from the price rally and put them into Ethereum Classic and ZCash.

“I think it is going to enable finally the approval of Bitcoin ETFs, and other digital currency ETFs, which is game-changing,” he added.

Ethereum Classic is currently among the biggest successes of Bitcoin’s huge price increases this week, with today’s reversal generating near 30 percent growth for the altcoin.

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Square, Inc Integrates Bitcoin

Earlier this week, $16 bln payments app Square officially integrated Bitcoin into its mobile platform, enabling three mln active users to buy, sell and store Bitcoin seamlessly.

Jack Dorsey, the CEO at Twitter and Square, particularly expressed his enthusiasm towards the potential of Bitcoin as a robust store of value, and the Square team’s optimism surrounding the long-term growth trend of Bitcoin.

In an interview with Forbes, a Square representative explained:

“We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”

Market cap of Square surges by $1 bln after Bitcoin integration

Since Friday, the share price and the market cap of Square have increased by nearly 10 percent, as the company’s market cap rose from $15 bln to $16 bln within a five day period.

Various reports since September have revealed that Bitcoin has become a trendy and in-demand keyword within most major industries. Even large-scale multi-billion dollar companies such as Square and Overstock have started to experience major surges in their market valuations following their integration of Bitcoin and Blockchain technology.

More importantly, the integration of Bitcoin allows major payments app like Square to compete with existing service providers within the cryptocurrency and Bitcoin markets, which are dominated by a handful of companies including Coinbase and Blockchain. Given that Coinbase has evolved into a $1.6 bln startup within the past 12 months, companies in the traditional finance sector have begun to consider integrating Bitcoin and offering infrastructure around the cryptocurrency.

What comes next with Square?

In consideration of the company’s optimism in regards to the long-term growth and adoption rate of Bitcoin and its CEO Jack Dorsey’s enthusiasm towards the cryptocurrency market, it is highly likely that the development team behind Square will actively investigate the possibility of full Bitcoin integration throughout its platform.

For many years, Square has operated a widely utilized Point of Sale (PoS) network that has been used by hundreds of thousands of merchants globally. The integration of Bitcoin into the Square PoS network would immediately enable anyone to use Bitcoin at Square-using merchants such as restaurants, cafes and stores.

Whether Square intends to pursue the integration of Bitcoin into its PoS system remains unclear. But, major PoS operators in major regions like Japan have already started the process of integrating Bitcoin. Most notably, Recruit Lifestyle’s AirRegi PoS app, which supports more than 200,000 merchants in Japan, has rolled out Bitcoin integration and is expected to provide extensive support to over 20,000 merchants by the end of this year.

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After Declines, Bitcoin Comes Back Stronger

They say a bad penny always turns up. While the saying may refer to an unwelcome guest, the same could be said for Bitcoin, according to recent analysis by CNBC. Based on chart evaluations, Bitcoin price has always increased substantially after dips greater than 20 percent.

The rise in Bitcoin prices for the four previous dips over 20 percent were substantial. On average, the cryptocurrency posted 61.5 percent gains in each cycle after substantial sell-offs. This astounding number has lead to an increased desire among insiders to ‘buy the dips’ – to purchase Bitcoin during the lows and realize the substantial gains as the price continues to rise.

Bulls and bears and Bitcoin, oh my!

The most recent drop over the weekend spurred on by the death of the SegWit2x hard fork proposal from the New York Agreement, appears to be no different. After more than 20 percent declines, the price has already recovered peaking in recent trading over $6,500. This response seems to indicate that the fundamentals underlying the recent increases in price are real.

While most industry insiders are pleased with the recovery, even calling it a ‘speed bump,’ many see the power of the biggest Bitcoin players as a potentially negative risk point for the cryptocurrency. Moshe Hogeg of Sirin Labs said:

“While we are still miles away from resolving the high volatility of Bitcoin, I find it encouraging that it’s quickly overcoming volatility that in past years registered as ‘earthquakes,’ and is today registering as no more than ‘speed-bumps.’ That said, I do find it quite worrisome that very few insiders have such leverage in a market that ought to be the bellwether for decentralized currencies.”

Beyond the negative risk association, though, the market has continued to show that Bitcoin is a genuine store of value something akin to gold. Large swaths of the Bitcoin supply are still held in private wallets completely outside of the market, and many of those may never see the light of day. Insiders remain confident that the market will continue its bull run, though not forever. As Oleg Seydak CEO of Blackmoon Crypto said:

“Bitcoin is still the crypto gold. It’s the gateway coin and the main store of value within the cryptoeconomy. It’s also considered as a defensive asset in periods of volatility of the market. The main question is when the growth will finish – and the right answer is, we don’t know. But players should be careful with expectations and trading and not be misled by the continuous boom in price. Nothing can grow with such speed forever.

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5 Simple Tips To Stay Secure in the Wild West of Bitcoin

Perhaps calling the Bitcoin ecosystem ‘The Wild West’ is a little over the top as the environment has become a lot more secure and come a lot more into the light of the mainstream. However, its decentralized nature still leaves it open to attacks which can lead to a loss of fortune and there is almost no recourse.

However, a few simple tips and tricks can help those who are serious about cryptocurrency keep their digital currencies a lot more safe and secure. From Cold Wallets to second authentication, cryptocurrencies become a lot harder to steal if they are behind a few protective walls that users can put up.

The threats continue to grow and become more sophisticated, and they are essentially out there looking to prey on the susceptible, gullible and vulnerable. To avoid phishing scams, trojans, fake wallets and even out-and-out hacks, a couple of steps can make the world of difference.

A sense of security

Cryptocurrencies walk a delicate line when it comes to their security. They began their life in the shadow of the dark web and for that reason picked up a reputation that has stuck to this day.

However, cryptocurrencies and their inherent makeup are designed to be trustless and ultimately immutable and unhackable. They are decentralized, they are reliant on a tamper-proof public ledger and they are transparent.

However, it is not the Blockchain or the Bitcoin that is the issue; it is people taking advantage of the people and the ecosystem in which they operate. Thus, it takes a little common-sense, and a few simple measure to stay safe.

Cold cash

One of the most foolproof ways to keep digital currencies safe is to take it off the grid and remove it from the clutches of potential hackers and thieves. Hardware wallets are the answer to this.

A hardware wallet is essentially a USB stick that stores private keys and digital currency on a physical drive that is disconnected from the Internet. It is a good idea to store any significant amount of digital currency on one of these.

Storing a large amount of coins on the public-facing Internet, especially on exchanges which are honeypots for hackers, is simply inviting an attack. The only issue a hardware wallet has is that it can be damaged or lost, but at least that cannot be blamed on anyone else but yourself.

Spend small

Another downside to keeping all your hard earned coins on a hardware wallet is that it essentially becomes a vault, and thus if you are looking to spend digital currency on small transactions, it becomes a chore.

Thus, it is prudent to store the majority of your coins on cold storage, but also wise to keep a small amount, that you’d be willing to lose on an online wallet.

You can, of course, use wallets that are are interoperable with popular hardware wallets can make your setup more seamless.

When it does come to using your online wallet though, one of the biggest rules is to try and keep your private key. However, some of the bigger and more popular exchanges and wallets don’t allow this.

Stay legitimate

Another way to avoid losing your investment is to not invest poorly. There are hundreds of new ICOs popping up all the time, in an attempt to try and temp more investors, but a large majority of them are gimmicky or even fake.

The best example of this is OneCoin which markets itself as a competitor for Bitcoin, attacking $350 mln in investment, but it turned out to be a Ponzi scheme.

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Bitcoin Shatters $7k Barrier After Futures Trading Announcement by CME Group

Bitcoin continued its five-day surge, rising from $5,750 on Oct. 28 to just over $7,000 at press time on the GDAX exchange. The currency’s definitive smashing of its most recent all-time high and the $7,000 barrier seems to be tied to its increasing integration in mainstream finance.

Futures and derivatives

Just yesterday, the CME Group, World’s Largest Options Exchange, announced they will begin trading in Bitcoin futures by the end of 2017, pending regulatory approval. CME Group is the largest options and futures exchange in the world, and owner of Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Kansas City Board of Trade and part-owner of the Dow Jones Indices.

Following the announcement, Bloomberg reported that CME’s imprimatur makes Bitcoin “legit” in the world of mainstream finance. CME becomes the latest mainstream player to jump on the Bitcoin bus, following the Chicago Board Options Exchange’s (CBOE) announcement that they will trade Bitcoin options and futures, and LedgerX’s opening of their regulated Bitcoin futures market.

ETF?

The trading of Bitcoin futures on regulated markets, particularly by major entities such as CBOE and CME, make it exceedingly likely that a Bitcoin exchange-traded fund (ETF) could be possible in the near future. When the SEC rejected the Winklevoss Twins’ attempts to register such an ETF earlier this year, the regulator pointed out that it might revisit its decision if regulated futures markets should arise.

Sky is the limit

With Bitcoin’s increasing acceptance by Wall Street financiers and traders, the sky is quite literally the limit for the digital currency. While Bitcoin’s $116 bln market capitalization is large by the cryptocurrency world’s standards, it’s minuscule in comparison to <Continue Reading>

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Bitcoin Hits New All Time High as CME Group Announces Futures Trading

Bitcoin has hit new all-time price highs on its ninth birthday today as CME Group announces futures trading.

Investors still celebrating the weekend’s record-breaking $6,300 have little to fear this Halloween as renewed momentum coming from CME takes Bitcoin within reach of new heights.

Bitcoin Hits New All Time High

The move appeared broadly expected Tuesday even without the news, analyst Tone Vays and investor Max Keiser both predicting imminent peaks.

According to data from Bitcointicker, Bitcoin advanced 2.1 percent in the 24 hours to press time to hit $6,300.

The latest surge, which began late last week, initially pulled major altcoins along with Bitcoin, but the trend has since faltered.

Bitcoin Cash, in particular, has reversed the top of its gains which saw the fork hit multi-week highs approaching $500.

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Bitcoins Are a Girl’s Best Friend: Diamonds for BTC in New York

In another move that signals a more sweeping adoption of Bitcoin, diamond retailer Samer Halimeh New York will begin accepting and trading Bitcoins as payment.

The international luxury diamond brand stated that previously most diamond purchases were completed with USD. However, a recent shift in Asian and Middle Eastern investor sentiment has led to a demand for Bitcoin purchases, and especially in VIP purchases of more than seven figures.

Diamond trading is one the latest industries being revolutionized by Blockchain. The Blockchain is also used in helping combat the trade in blood diamonds and the spreading of counterfeits.

Samer Halimeh, CEO of Samer Halimeh New York, said that Bitcoin provides a special vehicle for purchasing diamonds and other assets. Because of the flexibility of the cryptocurrency, many global clients are calling for BTC transactions both as sellers and buyers, driving worldwide demand of diamonds for BTC in New York.

He said:

“Because trading and retailing via Bitcoins can be done from anywhere in the world, it is especially beneficial for our suppliers in Africa and our clients from developing  countries like China, Brazil, South Africa, Nigeria, India and Uzbekistan. We also believe that in the future the currency will revolutionize the luxury goods marketplace and the use of this digital currency will make trading and purchases for our clients and contacts easier, cheaper and much <Read More>

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More Attempts to Bring E-Commerce to World’s Two Billion Unbanked

Taking e-commerce to the unbanked seems to be getting easier as the number of merchants embracing cryptocurrencies is increasing. From Overstock to Steam, Newegg to Edeka, many merchants are changing buyers’ user experience globally by leveraging the ease-of-use of digital currency.

This is partially fueled by an increase in the number of vendors registering with BitPay. That service allows merchants to accept Bitcoin but immediately be credited with cash rather than having to deal with the volatile digital currency themselves.

Things are improving on the consumer side too, with the increasing number of crypto-based debit cards. These make it possible to spend digital currency in the virtual shops of merchants who don’t directly accept it, by automatically converting a user’s cryptocurrency balance to fiat and using that to pay vendors.

In this environment, there are startups seeking to make things even easier and cheaper, eliminating as many middlemen as possible from digital currency transactions. So far, the introduction of crypto-backed debit cards has been pioneered by companies such as TenX and Monaco and it has changed several new users’ perspective about how easy to access digital currencies for everyday use.

More Attempts to Bring E-Commerce to World’s Two Billion Unbanked

Both Monaco and TenX make crypto spending easier for customers by offering a multi-currency debit card. Instead of a Bitcoin debit card, a Dash debit card, and so forth, both Monaco and TenX allow users to deposit various cryptocurrencies and access them with one single debit card. When it comes time to make a purchase, the <Read More>