A new narrative from a JP Morgan analyst casts cryptocurrencies in a positive light. Managing director for global market strategy at JP Morgan Nikolaos Panigirtzoglou’s perspective on cryptocurrency seems to contradict that of the company’s CEO, Jamie Dimon. Dimon has spoken of the merits of blockchain technology yet insists that bitcoin is a fraud. By comparison, Panigirtzoglou believes that cryptocurrencies might emerge as a new asset class and is gaining legitimacy thanks to the introduction of cryptocurrency derivatives by established exchanges, which include LedgerX, Nasdaq, Cantor Fitzgerald, CME Group, and CBOE. According to Panigirtzoglou, “The prospective launch of bitcoin futures 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.” Conversely, Dimon expressed his less-than-positive take on bitcoin in September 2017, making correlations between the emerging cryptocurrency and the oft-referenced tulip bulb bubble of the 17th century. While it remains to be seen if the conflict between CEO and analyst results in Panigirtzoglou clearing out his desk, the price of bitcoin has surged to more than double in value since Dimon made those comments, reaching $11,924 per BTC at press time. Regardless of Dimon’s opinions, JP Morgan has been an active player in the blockchain ecosystem, having developed a private Ethereum-based platform known as Quorum and, earlier this year, requested privacy guidance from the Zcash team for the blockchain. Read more here…

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