The $1,000 milestone being added every day now was once just a dream to come true for Bitcoin’s price against the US Dollar.
Based on the data from CoinMarketCap, the average at which BTC is being traded is above $14,300 per time of the press marking down and setting foot on new territory.
From that – the #1 is ending the day with a 20% increasing in the last 24-hours and a market capitalization flying above $240 billion,and ordinarily, it would be sufficient to command headlines in both trade and mainstream financial publications alike.
bitcoin’s surge accomplished another significant feat: cryptocurrencies are now worth more than investment banking giant — and frequent bitcoin critic — JPMorgan Chase.
With its today surge of $40 million, the complete cryptocurrency market value is close to $400 billion being $30 billion more than JPMorgan [which now is at $367 billion].
This triumph is particularly sweet for long-term bitcoin investors, who have been the subject of derision from JPMorgan CEO Jamie Dimon for years. Although many JPMorgan analysts have begun to warm to cryptocurrency — one strategist recently called them an “emerging asset class” — Dimon has been steadfast in his dismissal of bitcoin. He has been silent in recent weeks, perhaps due to bitcoin’s mammoth ascent, but he is on record lambasting bitcoin as a “fraud” that is “worth nothing” and is only attractive to “stupid” investors.
However, perhaps now it is the best time to move on as the crypto-market did, recovered from any significant crash it experienced from critiques in the past and reached even higher heights.
The very famous ‘Bitcoin is a fraud and is worth nothing’ notion that came from Jamie Dimon – the CEO of JPMorgan, could very well be the last attack against the cryptocurrency leader Bitcoin.
Jamie Dimon did state that he will ‘not be talking about Bitcoin anymore’ while the company has turned into a more open-minded firm when it comes to digital currencies.
It has been announced on CNBC on Thursday, that the very well banking figure and CEO who publicly described BTC as ‘worth nothing and that anybody who would trade it should be fired’ has lost faith in his own opinion and its nature.
“I wouldn’t put this high on the category of important things in the world. But I’m not going to talk about bitcoin anymore,”
On the other hand, Marianne Lake – CFO of JPMorgan handled the situation with stating that the company turned its doors open to virtual currencies that are ‘taken care of’ in the right way, as she praised and very optimistically spoke about Blockchain technology and its future importance.:
“We are open-minded for digital currencies that are properly controlled and regulated,”
On his last comment relating to the subject, Dimon explain how it has been noted out to him that trillions of dollars worth of assets are moved digitally online by them:
“I was reminded that we move trillions of dollars a day … digitally. It’s not cash.”
The CEO’s comments in the past did shake around Bitcoin’s price against the US Dollar as many reported his speech hit the mainstream area by several news-channels. However, now that is almost forgotten as BTC/USD did hit is new all-time high over $5,200 with 8% increase in the last 24-hours.