JP Morgan Rolls Back Position on Bitcoin

FOMO Bites Wall Street

“DANIEL Pinto – co-president of JPMorgan Chase & Co – has admitted the finance giant “will have to be involved” in cryptocurrency.

The New York-based multinational has, up until recent weeks, kept its counsel over whether or not it had been paying attention to a growing global interest in Bitcoin and other digital assets.

However, this is the clearest signal yet from the banking behemoth that its bosses are taking crypto seriously..

Polar shift

The statement represents a polar shift in attitude from JPMorgan’s leaders. Four years ago, Chairman and CEO Jamie Dimon branded Bitcoin “a fraud” and “worse than tulip bulbs”.”

SOURCE: https://www.cityam.com/jpmorgan-chief-says-we-will-have-to-be-involved-with-bitcoin/

Will Bitcoin Break $50,000?

As reported by Bloomberg –

“Bitcoin reached a new record on Sunday, rising above $49,000 for the first time.

The world’s largest cryptocurrency reached about $49,344 earlier in the day, and was around $49,202 as of 10:20 a.m. in London.

It’s now up about 70% so far this year. Rival cryptocurrency Ether hit a record on Saturday and is up about 150% year-to-date.

Bitcoin has been buoyed in recent months by endorsements from the likes of Paul Tudor Jones and Stan Druckenmiller.

Bloomberg reported earlier that Morgan Stanley may bet on Bitcoin in its $150 billion investment arm, following news late last week that BNY Mellon plans to service cryptocurrencies for its clients.

And that’s after Tesla Inc. put about $1.5 billion into Bitcoin. Skeptics warn the asset class could be in a bubble, however.”

SOURCE: https://www.bloomberg.com/news/articles/2021-02-14/bitcoin-nears-50-000-as-it-reaches-record-in-weekend-action

Who Is Cathie Wood?

Who Is Cathie Wood And Why Are Ark’s Bets on Bitcoin & Tesla Important?

 

Forbes called her “the newest superstar investor,” and it’s not hard to see why.

Cathie Wood is radically disrupting the way money is allocated. Fighting the rise of passive – what she calls the “greatest misallocation of resources in history” – Wood’s funds are actively managed exchange-traded funds that give investors exposure to public companies in key areas of innovation.

In this video, Cathie Woods discusses ARK’s recent Bitcoin Investment Thesis white paper and what the prospects are for innovation in 2021.

SOURCE: https://www.youtube.com/watch?v=Kj3tyVoUA1U

The Jack Dorsey & Jay Z $24M Bitcoin Trust

“Twitter CEO Jack Dorsey and rapper Jay-Z have announced a new Bitcoin fund that will focus on the cryptocurrency’s adoption in India and Africa.

The pair will invest 500 Bitcoin, which is currently worth around $24million (£17.3m), in the endowment fund named ₿trust.

“JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us,” Mr Dorsey tweeted on Friday.”

SOURCE: https://www.independent.co.uk/news/world/americas/jack-dorsey-jay-z-bitcoin-b1801860.html

JP Morgan Investment Bank Considers Offering BTC

Top US Wall Street Investment Bank Develops Framework for Trading Bitcoin

“Bitcoin enjoyed another boost yesterday at the end of a record-breaking week as the world’s largest investment bank outlined plans to trade it.

JP Morgan became the latest Wall Street bank to underline how seriously it is taking the biggest cryptocurrency by saying that it would start trading bitcoin “at some point”.

The price of the digital asset has risen by as much as a quarter this week amid signals that it is becoming mainstream and is being accepted by big financial institutions that previously were dismissive of its prospects. Tesla, the carmaker run by Elon Musk, said on Monday that it had invested $1.5 billion in bitcoin and pledged in future to take it as payment for vehicles.”

SOURCE: https://www.thetimes.co.uk/article/jp-morgan-joins-bitcoin-bandwagon-vl6s5vcb2

Will Twitter Buy Bitcoin?

“Twitter has considered whether to add bitcoin to its balance sheet, though no changes have been made yet, according to CFO Ned Segal.

Segal said in a CNBC interview Wednesday that the social media giant continues to “study and look at” incorporating bitcoin into its finances.

“We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin on our balance sheet should that happen,” said the CFO.

“We want to be thoughtful about it over time, but we haven’t made any changes yet.”

Twitter would follow the lead of Tesla, which revealed on Monday it had bought up $1.5 billion of bitcoin in January and plans to start accepting the cryptocurrency as payment.

The news sent bitcoin to an all-time high above $48,000 earlier this week. The cryptocurrency is currently trading around $45,000.

A bitcoin announcement from Twitter may not come as a surprise to investors, as CEO Jack Dorsey is a passionate fan of the cryptocurrency.

He’s also the CEO of payments company Square, which purchased $50 million worth of bitcoin in October of last year, which represents approximately 1% of the firm’s total assets.”

SOURCE: https://markets.businessinsider.com/

Oldest US Bank & Mastercard Signal Cryptocurrency Support

“Bitcoin (BTC-USD) touched new highs on Thursday, as both Mastercard and BNY Mellon signalled their support for the cryptocurrency.

After surging past the $48,000 (£34,681) mark to a record high, it pared back some gains but was still trading more than 5% higher at $47,901.41 at around 3.30pm in London (10.30am eastern time in the US).

It came as BNY Mellon, the oldest bank in the US, confirmed it had created a new unit for clients to hold, transfer and issue digital assets.

Roman Regelman, head of asset servicing and digital at BNY Mellon, highlighted “growing client demand for digital assets” as well as “improving regulatory clarity.” It marked a “tremendous opportunity for us to extend our current service offerings to this emerging field,” he added.

Mastercard had announced only a day earlier it would start directly supporting some cryptocurrencies on its network. “Doing this work will create a lot more possibilities for shoppers and merchants,” said its head of blockchain, digital assets and partnerships Raj Dhamodharan in a statement.

READ MORE: Tesla buys $1.5 billion worth of bitcoin, says it may accept it for payment in the ‘near future’

“Whatever your opinions on cryptocurrencies — from a dyed-in-wool fanatic to utter sceptic — the fact remains that these digital assets are becoming a more important part of the payments world.

“We are seeing this fact play out on the Mastercard network, with people using cards to buy crypto assets, especially during bitcoin’s recent surge in value. We are also seeing users increasingly take advantage of crypto cards to access these assets and convert them to traditional currencies for spending.”

SOURCE: https://uk.finance.yahoo.com/

What did Michael Saylor of Micro Strategy Do?

America’s Most Prolific Bitcoin Whale Explains His Strategy

Finally, Saylor announced by tweet on the 21st of December, that MicroStrategy had just made a huge purchase of 29,646 Bitcoins – bringing the company’s total holdings to 70,470 bitcoin.

This purchase was funded by a convertible note sale to accredited investors whichh raised $650 million in early December.

How to Buy Bitcoin in Ireland?

There are lots of online exchanges where you can buy Bitcoin all over the world, and some of the most popular and trusted exchanges include –

Kraken is one of the most trusted cryptocurrency exchanges on the market, and is our preferred cryptocurrency exchange.

Kraken is a US-based cryptocurrency exchange, founded in 2011.

The exchange provides cryptocurrency to fiat trading, and provides price information to Bloomberg Terminal. As of 2020, Kraken is available to residents of 48 U.S. states and 176 countries, and lists 40 cryptocurrencies available for trade. Wikipedia

To find out more and to start trading today, visit – www.Kraken.com

Up-to-Date Pricing On CryptocurrencY.

Other popular exchanges include –

2. Coinbase

3. Blockfi

4. Bitcove

5. Coinmama