Despite JPMorgan Chase CEO Jamie Dimon’s harsh criticism of digital currency, the bank is reportedly looking at options that could provide its clients with access to CME Group’s proposed Bitcoin futures contracts. According to an unnamed source, JP Morgan Chase is currently taking stock of client demand and evaluating possible risks that might arise if the bank were to help its clients make those trades.
Less than a month ago, Standpoint Research analyst Ronnie Moas revised his Bitcoin price target to $11,000. As Bitcoin opened the week by hitting new highs above $8,200, Moas has again revised his estimates for 2018. He’s now predicting that the world’s most popular digital currency will increase in value to $14,000 by the end of next year.
The Supreme Court of India has submitted notices to several government ministries, seeking a response to a petition that calls for Bitcoin regulation. The notices were sent to three ministries – Finance, Law and Justice, and Information Technology – as well as to the nation’s central bank (RBI) and market regulator (SEBI). That petition cites Bitcoin’s perceived anonymity and lack of accountability, and references regulatory actions that have been taken by other countries around the globe.
LendEDU recently published new data that offers some key insights into Bitcoin investor expectations. LendEDU conducted several surveys over the last several months, questioning Americans about their attitudes toward Bitcoin, ICOs and a few other digital currencies. Those surveys revealed a consistent level of excitement for cryptocurrency’s potential as a currency and investment prospect.
The Square Cash app is now testing support for Bitcoin, and has provided a select group of customers with the ability to buy or sell the cryptocurrency within the app. The new feature is part of an effort by Square to explore how the company can improve the Bitcoin buying experience for those who want to invest in the world’s most well-known digital currency:
The European Commission recently announced the launch of a new 250.000€ study designed to evaluate the potential for creating an EU-wide blockchain infrastructure. The Commission’s goal is to set the “right conditions for an open, innovative, trustworthy, transparent, and EU law compliant data and transactional environment”
The government’s views on Bitcoin were one topic of discussion during U.S. Treasury Secretary Steven Mnuchin’s interview with Yahoo Finance markets correspondent Nicole Sinclair on Thursday. The Secretary offered few specifics and no timetable for announcing an official position, but did note that he remains concerned about the cryptocurrency’s potential for facilitating illegal activities:
The planned SegWit2x upgrade for Bitcoin was called off on Wednesday after developers announced that they would wait for the community to come to a broader agreement on the matter. That upgrade was originally scheduled to go into effect November 16, but saw support for the plan diminish in recent months.
In an interview with Reuters, CME Group Chairman Emeritus Leo Melamed predicted that the derivatives exchange’s planned Bitcoin futures launch will help to ‘tame’ Bitcoin, by regulating it. He also suggested that the world’s most famous cryptocurrency is rapidly becoming its own type of asset class, which will enable it to be more properly regulated and traded by large investors.
Is the world about to see the beginning of the end of the current fiat currency system? That’s the question posed by a new research paper from Deutsche Bank strategists Jim Reid and Craig Nicol, titled “The Start of the End of Fiat Money?” In the paper, the analysts examine the current fiat money system, discuss emerging trends that threaten its viability, and consider potential replacements – like Bitcoin.
The sharp rise in Bitcoin prices has led Standpoint Research founder and stock analyst Ronnie Moas to revise his previous price forecasts for the world’s most well-known digital currency. According to media reports, Moas is now forecasting that Bitcoin’s price could hit $11.000 in 2018. That’s more than double the $5,000 price target Moas predicted in early July.
CME Group recently announced plans to begin offering Bitcoin futures later this year. That plan is subject to regulatory review, but approval could allow the exchange to introduce those futures contracts sometime in the fourth quarter of 2017. CME Group is the largest futures exchange in the world, and its embrace of the world’s most well-known digital currency is being viewed by many observers as a sign that Bitcoin is quickly becoming an “established asset class.”
In an interview last week, former U.S. Representative Ron Paul offered his thoughts on digital currency and suggested that government surveillance of cryptocurrency transactions was one of his biggest concerns. Paul, a longtime libertarian, noted that he was in favor of legalizing all forms of alternate currency while he was serving in the House of Representatives, and that opinion hasn’t changed:
A recent statement from Bank of Korea Governor Lee Ju-yeol suggests that any future regulation of digital currencies by the South Korean central bank will treat them as commodities rather than currencies. His comments came during a National Assembly audit of the central bank. Lee also said that the central bank will “put more emphasis on virtual currency research.”
The number of hedge funds focused on digital currencies has risen sharply in 2017, according to research data from a company called Autonomous Next. That data was reportedly provided to CNBC yesterday, and reveals that more than 90 of these cryptocurrency hedge funds were launched in the first ten months of the year. The research found that there are now 124 hedge funds focused on digital currency, managing assets worth roughly $2.3 billion.
Kansas has a message for Bitcoin owners who might be thinking about using the world’s most well-known digital currency to contribute to their preferred candidates in the state: don’t. According to report in the Lawrence Journal-World, the state’s Governmental Ethics Commission considered the issue this week and determined that the cryptocurrency cannot be used to contribute to candidates running in state or local campaigns.
Bitcoin has been breaking new price records throughout 2017 and recently surpassed the $6,000 mark, but skeptics continue to predict its eventual demise. From various government officials around the world to leading experts in the world of finance, there’s been no shortage of skeptics willing to offer their opinions about the fate of the world’s most well-known digital currency. Today, Saudi Prince and billionaire businessman Alwaleed bin Talal joined that chorus of criticism, predicting that the cryptocurrency will eventually implode.
Last month, European Central Bank president Mario Draghi made news in the cryptocurrency community when he told the European Parliament that the bank had no legal authority to regulate digital currencies. Draghi went a step further at a press conference last week when he declared that the technology has not yet matured to a level that would warrant regulatory consideration:
CNBC today reported the results of a recent online survey which found that 49% of respondents believe that the price of Bitcoin will eventually top the $10,000 mark. The unscientific online poll ran this week, and received 23,118 responses to the survey question, “Where does Bitcoin go from here?” Respondents were provided with three possible answers:
For months, Australia’s government has promised to end the double taxation of Bitcoin and other digital currencies. The nation’s parliament moved to fulfill that promise on Thursday, as it passed new laws designed to ensure that digital currency users will no longer be subject to Australia’s goods and services tax (GST) when they buy cryptocurrency.