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It’s Time For JPMorgan To Start Trading Bitcoin
So batsh*t Bitcoin surged above $5,000 for the first time overnight, and at one point blew through $5,200 apparently on its way to $500,000 which we certainly hope it will hit sooner rather than later in order to help us all avoid this rather unpalatable scenario:
Here's the chart:
Now for one thing, that YTD "performance" (if you want to call it that), is all kinds of absurd. Just to be clear, when you read posts/articles penned by Bitcoin proponents documenting that inexorable ascent do
Roger that… Derivative profits down, relying on Prime business. $NYXBT
The big difference from a pyramid scheme to crypto coins is that the crypto’s actually provide utility and require actual work to build out the code, mining rigs and apps. In much the same way I could open my own hamburger shop and compete with McDonald’s… McDonald’s isn’t a pyramid scheme just because they started the company with a controlling share of their stock. The initial 1 million coins is not even a majority of the existing 16 million coins.
The title just doesn’t fit. Bitcoin may win or lose the crypto king title, governments may try to regulate it out of existence and people may be too dumb to be trusted with crypto money but it isn’t a pyramid scheme.
As for trading it, I cannot imagine GS or JPM sitting this out forever. You’re talking about people who put aluminum on trucks and drove it around to make it look like there was an aluminum shortage. Even if it was a pyramid scheme they would want in.
Following up on my posts earlier this week, the charts never lie…. Bitcoin indeed blasts to new highs 5200+ even sooner than expected.
Time for the naysayers to admit defeat and bow to the arbitrage of the market.
Also helps that Singapore recently stated that btc and crypto will remain legal and exchangeable for any currency in perpetuity. Hong Kong quickly rapidly followed to keep up.
So much for China banning bitcoin, lol… WRONG!! … at least for offshore if not onshore, lol…. gotta love it!!
(for the geographically challenged, singapore and hong kong are 90% chinese, the latter actually chinese territory now)
lol @ the mcafe challenge ….. as indeed we don’t wanna see that