Bloomberg Thinks The Recent Bitcoin (BTC) Price Rally Was Caused By JPMorgan Coin
Bloomberg, the well-known financial media outlet, has affirmed that the price surge in Bitcoin that we all have seen was actually caused by the news that JPMorgan Coin (JPM) is currently in development. This has prompted the crypto community to affirm that Bloomberg could be more wrong.
At the time that JPM was announced, the crypto market cap was actually down by 0.6%. However, some days after it happened, the crypto market, especially Bitcoin (BTC) started to go up again and slightly above $4,000 USD.
On Twitter, Bloomberg called it a “delayed boost” from the announcement. However, this ignores several things which are happening right now in the market. For instance, the Lightning Network products are getting stronger every day. All that Bloomberg saw was the JPM token, which is being called out for not even being an actual crypto token on the crypto circles.
Bloomberg’s story uses analysis from Mati Greenspan, an Etoro analyst which often talks about the Bitcoin market. It does not look like he was very fortunate this time with his analysis, though. He said that the fact that JP Morgan has created something and calls it a cryptocurrency can have a positive correlation in the market.
The crypto market did not see a boost even with really important announcements from Bakkt and Fidelity, so there is not a big chance that it was actually the JPM coin that made the prices go up, especially because the price spike happened rather late, which would not be compatible with this theory.
Not Really A Crypto
It has to be said that JPM is not really a cryptocurrency but a centralized digital token that will be used internally instead. Yes, it does use the blockchain technology, but this does not mean that it is a cryptocurrency like Bitcoin or Ethereum are.
Despite this, some people are publishing articles like “JPMorgan Just Killed the Bitcoin Dream”. It seems like people are way too eager to give JPMorgan, whose CEO is a Bitcoin hater, too much credit for something that is not even a reality just yet.
JPM is essentially a stablecoin, which, you should know, are very different from Bitcoin. The idea is more to settle payments between clients than having its own free market as Bitcoin does.
Some users did notice the irony of JPMorgan launching something and calling it a cryptocurrency, though, as the CEO, Jamie Dimon, basically hates Bitcoin and affirms it is crap at all the opportunities that he gets. People are saying that he is calling it a fraud and buying his Bitcoin behind the scenes, mostly in a jokingly way.