JP Morgan might not believe Bitcoin is the future of finance, but the banking giant could be hedging its bets. The bank is quietly seeking to hire a Bitcoin scaling expert. JP Morgan denies it will engage with public cryptocurrencies in any manner. By CCN Markets: According to reporting by Frank Chaparro for The Block, JP Morgan is looking to hire someone with general Bitcoin scaling technology knowledge, though they’re explicitly not looking to build on Bitcoin. More ‘Blockchain, Not Bitcoin’ or a Hush-Hush Crypto Hedge? Chaparro heard from a JP Morgan representative who pointed out that just because
By CCN Markets: Morgan Stanley economist Ellen Zentner told clients today that June may be a rough month in the economy, going so far as to suggest “June Gloom” is looming. This comes on top of a similar warning two weeks ago from the very same Wall Street firm. The latest research note reportedly states: “The decline shows a sharp deterioration in sentiment this month that was broad-based across sectors.” Zentner is often solid on many things. On the most recent note, however, she’s off base. Morgan Stanley is relying on its proprietary Business Conditions Index (BCI), which reflects pivotal moments
Even in a bear market, Morgan Creek Digital has no problem swimming upstream.
The crypto asset management firm just bagged a $ 40 million dollar investment and what appears to be the first blockchain/crypto investment by a major pension fund. Two pension plans from Fairfax County, Virginia, the $ 1.43 billion Police Officer’s Retirement System and the $ 3.9 billion Employee’s Retirement System, were the lead investors in what was originally projected to be a $ 25 million dollar raise. Besides the two funds, a hospital system, an insurance company, a private foundation and a university endowment also invested in the raise.
JP Morgan chart analyst and technical market strategist Jason Hunter says the S&P 500 is not out of the woods yet after bouncing back this month from massive losses in the worst December since the Great Depression. S&P 500 Climbing toward Resistance The January rally in U.S. stock prices pushed the benchmark up more than 12 points over its Christmas Eve low, rebounding more than 5 percent in the first month of 2019. But that doesn’t necessarily mean stocks are headed into a bull market as the S&P 500 approaches a key resistance line at 2,711. In a note to
By CCN.com: Patrick Springer spent 20 years working for Morgan Stanley as an investment specialist. Specifically, his job was to help institutional investors make informed decisions in global equity markets. Now, despite the bitcoin market meltdown, he’s flung himself headlong into crypto becoming an advisor for Polybird Exchange. Why? Because “it’s important for people to challenge
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JP Morgan has continued to bash bitcoin and cryptocurrencies, saying the value of them is still unproven and that it will be at least another three to five years before blockchain technology makes a difference to the banking sector.
‘A Dystopian Scenario’
America’s largest bank has reaffirmed that it is still skeptical of cryptocurrencies. JP Morgan said that such assets would only be of any value in a “dystopian scenario” where investors lost faith in gold, the dollar and the global payments system, according to Reuters. “Even in extreme scenarios such as a recession or financial crises, there are more liquid and less complicated instruments for transacting, investing and hedging,” the bank was quoted as saying.
By CCN.com: Contrary to statements from its cryptocurrency-bashing CEO Jamie Dimon, JP Morgan has finally admitted that bitcoin has value, albeit in the unlikely event that the world descends into a “Bird Box”-style dystopia. If ‘Bird Box’ Comes True, JP Morgan Might Recommend Bitcoin Writing in a note to clients distributed this week, JP Morgan … Continued
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By CCN.com: Wall Street firm JP Morgan has predicted that HODLers should expect to experience more pain if the crypto winter persists. According to JPMorgan analysts, the price of bitcoin could fall to as low as $ 1,260, Reuters reports. The same analysts have, however, estimated that bitcoin’s ‘cost support’ is at around the $ 2,400 level. … Continued
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By CCN.com: Morgan Stanley CEO James Gorman has expressed fears that the partial U.S. government shutdown could hurt the economy greatly if it drags on. Gorman was speaking in Davos, Switzerland at the World Economic Forum as the shutdown enters its 34th day. In an interview with the CNBC (video below), Gorman empathized with the 800,000
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Jamie Dimon — the anti-bitcoin CEO of JPMorgan Chase — says a global recession is not coming, so everyone needs to “take a deep breath” and chill out. Dimon said the Dow and other stock market indices are merely experiencing a temporary hiccup, but that doesn’t mean the US economy will slide into a recession anytime soon.
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New York-based crypto loan startup BlockFi has closed a $ 4 million convertible debt fundraising round led by Akuna Capital, with notable participation from Galaxy Digital Ventures, Morgan Creek Digital, and Devonshire Investors, the private equity group affiliated with FMR LLC, the parent company of Fidelity Investments. BlockFi is excited to announce that we have raised an additional […]
Digital asset investment firm Morgan Creek Digital Assets is so certain in crypto’s upside that it has placed a $ 1 million bet that its cryptocurrency index will outperform the S&P 500 over the next 10 years. The million-dollar gamble is designed to mimic the “Buffett Bet,” where Warren Buffett famously wagered $ 1 million against asset manager […]
Morgan Creek’s Anthony Pompliano has declared that, contrary to the expectations of some in the blockchain space, Facebook will eventually build the “most used product in crypto.” Responding to a tweet by The Block founder Mike Dudas inferring that Facebook is hiring blockchain engineers without a clearly defined role or purpose for them, Pompliano stated
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Anthony Pompliano, who works in Morgan Creek’s Digital Assets division, told CNBC’s Squawk Box on Monday that he believes the Bitcoin price is essentially going to bottom out with an 85% reduction in value from its previous all-time high. Prefacing that his forecast is based on previous experience in the crypto markets, he said: “85%
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The depths of this year’s cryptocurrency bear market evidently show significant signs of further trouble. According to notable crypto figure and Morgan Creek Digital founder Anthony Pompliano, significant price drawdowns this year could lead to crypto hedge funds closing up shop soon. Hedge Funds CCN reported today of Bitcoin dropping below $ 5,000 in price, the lowest
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There is a rapidly growing interest in bitcoin and other cryptocurrencies among institutional investors while there seems to be lethargy in the number of retail buyers operating within the space. As such, bitcoin and altcoins now constitute a new institutional investment class since 2017, according to new research from major US bank Morgan Stanley. In
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Morgan Stanley (MS) has been one of the more forward-thinking Wall Street institutions when it comes to cryptocurrency, and their recent report on Bitcoin (BTC) shows a new level of trust in the digital asset. In the report, Morgan Stanley cites institutional investor’s increasing assets under management (AUM), surging Bitcoin futures trading volume, and the relative […]
Note: This is part 1 in a multi-part series exploring the dangers of rehypothecation and commingling in bitcoin and other cryptocurrency assets that could occur once Wall Street begins offering crypto products. Part 1 is an interview with Caitlin Long and subsequent parts will ask the question, “How did we get to a place that
The post Interview: Fmr. Morgan Stanley Exec. Caitlin Long on How Wall Street Wants to Ruin Bitcoin [Part 1] appeared first on CCN
International investment bank and financial service provider JP Morgan Chase have announced the enrolment of 75 new banks on their new and growing blockchain payment platform. The platform is a part of a collaboration between JP Morgan, ANZ and the Royal Bank of Canada.
The first trial on the platform was established in October 2017 and has been designed to utilise the blockchain to create a fast and flawless interbank payment system that still uses traditional banking currencies and methods.
Morgan Stanley is joining Wall Street’s race toward an institutional-friendly bitcoin derivative.
According to anonymous sources reporting to Bloomberg, the financial institution is devising price return swaps tied to bitcoin. These derivatives would allow investors to indirectly invest in the market’s flagship currency, allotting them the option to buy into long or short positions through the contracts.
Taking their prices from bitcoin futures, the swaps will not handle bitcoin directly. Seeing as Morgan Stanley is a regulated and established financial institution, tying the product to futures contracts is a safer bet than basing them on bitcoin’s spot price, as the Chicago Mercantile Exchange and Chicago Board of Exchange offer fully-regulated bitcoin futures from which Morgan Stanley can pool pricing data.