Sunday, 05 July 2020
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What Major Financial and Lending Institutions Think About Bitcoin and Cryptocurrencies

The first time any of us normal people heard about names like Lehmann Brothers, Goldman Sachs, JP Morgan and others was during the Financial Crash of 2007-2008

The first time any of us normal people heard about names like Lehmann Brothers, Goldman Sachs, JP Morgan and others was during the Financial Crash of 2007-2008. What most people know was that a huge bank had crashed and that had a cascading effect on global finance all over the world.

However, what many do not know is that how these supposed multi-billion dollar financial institutions are manipulative, corrupt and run at the behest of a few. National governments and a country’s central bank are conspiring with these bodies and frame monetary and financial policies that aid their existence.

In this article, we will look at what these financial bodies think of the hottest and most promising financial asset in the world- cryptocurrencies. We will also look at their stand on Bitcoin and understand the logic behind their acceptance or denial of the same.

Financial Institutions and Bitcoin: where do they stand?

Very recently, Goldman Sachs, one of the leading financial firms in the world and a Wall Street heavyweight, decried Bitcoins. It dismissed it as being hyped and criticized the same for being used in illegal activities like Money Laundering.

As soon as Goldman Sachs went public with their opinion on Bitcoin, investors like Cameron and Taylor Winklewoss (alleged Founders of Facebook, Bitcoin Billionaires and Founders of Crypto Exchange firm, Gemini) went on the rampage.

They accused Goldman Sachs of belittling Bitcoin and cryptocurrencies by using an argument, which was first raised and dismissed in 2014. Many people have also pointed out that Goldman Sachs was the firm, which was embroiled in the 1MDB scandal and estimated to be valued at $7 Billion USD.

However, it has been found that the entire Wall Street is not critical about Bitcoin anymore. Many of Wall Street’s leading investment and hedge funds are giving Bitcoin a serious look. Many seasoned investors and hedge fund managers are also stating on public record that Bitcoin can become a safe hedge against rising inflation.

Should you care about what Financial Institutions think or say about Bitcoin?

Out rightly rejecting, what these behemoths say is not a smart thing to do. This is because these companies sit on billions of dollars as well as command influence in private as well as government circles. However, many times, they too have failed to correctly judge the future.

One of the world’s biggest entities is JP Morgan. Often referred to as one of the founders of the American economy, the organization had not only incorrectly predicted that the internet would fail, it also had a very similar stance on Bitcoin earlier.

In 2017, JP Morgan CEO, Jamie Dimon had warned any of the employees from trading or associating with Bitcoin or any other crypto. Cut to 2020, and JP Morgan is providing financial and banking assistance to crypto exchanges like Coinbase.

Crypto exchange, Gemini (started by the Winklewoss Twins) counts JP Morgan as one of its banking partners, as well as a partner in developing technology around crypto and Blockchain.

Conclusion

Wall Street is divided about where Bitcoin and other crypto stands. However, sheer outright resistance has given way to engagement and acceptance in many cases. Trading in Bitcoins through platforms like the bitcoin fortress app has picked up with normal people looking to invest and earn from trading in Bitcoins. It is only time, which will be able to tell whether there is a wholehearted acceptance of cryptocurrencies by these leading financial giants.



source: techtree.com

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