Bitcoin development on Wall Street
Less than a month after Jamie Dimon, CEO of JPMorgan Chase, failed to beat bitcoin, bitcoin hit a new record. It not only regained the land lost last month, but also broke $5300 today
just a month ago, when bitcoin began to recover from its high level to its low level, Dimon once again attacked bitcoin as "a fraud" at the New York financial conference of Barclays. He concluded that bitcoin was a bubble and predicted that the bubble would eventually collapse. Bitcoin has been controversial since it came out. So far, no mainstream bank has joined the list of market makers, and no big exchange has provided a trading platform. However, even those who oppose bitcoin hold a very positive attitude towards the technical foundation of bitcoin and other digital currencies, that is, blockchain technology
Less than a month after Jamie Dimon, CEO of JPMorgan Chase, failed to beat bitcoin, bitcoin hit a new record. It not only regained the land lost last month, but also broke $5300 today
At JPMorgan's third quarter earnings meeting on Thursday morning local time, Dimon said he would not comment on bitcoin"I will not classify this (bitcoin) as the most important transaction category, but I will not discuss bitcoin any more." Damon said
bitcoin rose rapidly from less than $1000 at the beginning of 2017 to $4900 at the beginning of September. After that, bitcoin dropped rapidly from US $4900 to US $3500 in the first half of September, and then rebounded. Bitcoin has recovered its lost ground and broken through the US $5800 barrier
Dimon once had a similar but more intense evaluation that the circulation value of bitcoin is limited to a very small market
bitcoin's sharp price fluctuation, on the one hand, has attracted speculation about speculative asset bubbles in the market. On the other hand, it has attracted a lot of attention from investors and banks. p> In early October, some media quoted people familiar with the matter as saying that Goldman Sachs was considering directly carrying out market making transactions of bitcoin and other digital currencies, becoming the first Wall Street giant to prepare to directly trade digital currencies. Lloyd Blankfein, CEO of Goldman Sachs, later tweeted: "bitcoin is still under consideration. There is no conclusion, no support and no rejection. I know that when paper money replaces gold, some people will also be skeptical. "
a spokesman for Goldman Sachs said that it is exploring the best service for customers in the field of digital currency
since June this year, Goldman Sachs has begun to release bitcoin research reports, becoming the first large investment bank on Wall Street to release bitcoin price analysis. In an August report, Goldman Sachs said it has become increasingly difficult for institutional investors to ignore bitcoin and the virtual money market
James Gorman, CEO of Morgan Stanley, said at the end of September that bitcoin was definitely not just a fad“ Anonymous money is a very interesting concept, it provides privacy protection for people, it also has meaning for the central banking system. "
Abigail Johnson, CEO of fidelity, an asset management company that manages $2.3 trillion, has joined the ranks of bitcoin gold miners with practical actions. When Johnson attended the digital currency conference in September, she delivered a long speech, saying that her company not only studied regional chain technology, but also injected venture capital into many companies engaged in bitcoin related businessfidelity owns a bitcoin mining company through investment. Johnson himself has been engaged in bitcoin mining business for a long time, and he has a considerable amount of bitcoin
it's mainly because this period is just the boom of bitcoin, so I want to launch bitcoin fund to get more funds in fact, after the price of bitcoin soared in the past year, Wall Street has completely changed its view on it. When bitcoin was first traded, almost all financial institutions on Wall Street regarded it as a kind of speculation. Many investors on Wall Street expressed their bad opinion of bitcoin, including some well-known investors such as Warren Buffett and ridario. But as you can see, in the past year, bitcoin has ushered in the largest rise in its history, and celebrities including musk are cheering for it
in fact, for Chinese bitcoin investors, whether the exchange is domestic or foreign does not hinder its use. In essence, the exchange provides high-quality services, professional procts and safe systems. After all, the future of bitcoin belongs to everyone and the world
when choosing a bitcoin exchange, we must pay attention to the following points:
first, word of mouth: don't say too much about this. Of course, we must distinguish between water army and real users
the second is the location of the exchange: it should be noted that moral hazard exists everywhere, and the cost of running is very different in different countries, the highest in the United States, followed by Western Europe, Russia, etc., and finally other countries and regions
the third is the method of recharge withdrawal: the mainstream in foreign countries is telegraphic transfer, which has a certain cost but is safe. Credit cards and third-party payment platforms, such as PayPal, have many problems at present, which make it impossible to popularize
the fourth is fees: the exchange provides services and charges fees normally. If there is no charge, then it may be through other ways, such as price manipulation, business and so on. The ultimate victims are investors. As long as the cost is reasonable and the price is clearly marked, there will be no sudden increase in the cost of a certain exchange to rob users
finally, let's talk about lakebtc. As we all know, coinbase in Silicon Valley has raised US $25 million to focus on the payment application of bitcoin. At present, a large number of businesses have begun to access its services
lakebtc in New York was founded by Wall Street bank traders. More than a year ago, it was mainly financial professionals around New York who participated in the transaction. These traders buy and sell bitcoin in lakebtc in addition to the daily trading of billions of US dollars of treasury bonds, institutional bonds, foreign exchange, structured procts and other derivatives. On the one hand, it is novel and interesting, on the other hand, it can practice some bold financial ideas. Just as Texas Hold'em is popular on Wall Street, bitcoin trading is graally spreading among these financial professionals
in contrast, most of the founders of other exchanges at home and abroad have it background, and they do not have a deep understanding of financial markets and exchanges, or even lack financial common sense. For example, exchanges are often equated with pricing power. As everyone knows, the market is the main body of pricing. The function of the exchange is only to find the price and provide services for the market. Otherwise, with the mentality of losing pricing power to run an exchange, all kinds of problems will probably arise. For example, GBL runs away, a domestic exchange is questioned by users for manipulating price and trading volume, issuing false recharge information, and failing to withdraw cash, etc.
Trojan horse is generally defined as a person or thing that secretly causes damage to the enemy or leads to the downfall of the opponent. In today's world, bitcoin is a "Trojan horse". This kind of virtual currency manipulated by "geeks" attracts naive, innocent and ignorant investors on Wall Street by taking advantage of human greed
Peter Schiff is the CEO of europacific capital and a best-selling writer. He thinks bitcoin is the gold of fools Hugo Salinas price, a very successful Mexican businessman, encouraged the government to accept silver as legal tender. He believes that bitcoin will become a tragic history caused by large-scale speculationa former counterterrorism analyst at the CIA said that terrorists are using innovative technologies to raise funds, one of which is bitcoin. He said it was the first terrorist group to use bitcoin publicly
in general, bitcoin fanatics should follow the advice of these successful Wall Street people: no one is more blind than those who refuse to face them
no matter in any country, bitcoin does not need to be developed in a large scale, because it will affect human society< br />
many people regard bitcoin as digital gold, as a hedge asset for investment, but in the actual transaction, it has not shown any value ring this period, bitcoin continued the good market since last year, and its price reached a new high again, breaking through $60000. Famous people, including musk, are crazy about bitcoin platforms on social platforms. It is obvious that bitcoin has become the hottest investment proct at present. The media disclosed that the core of the rise was the new round of fiscal stimulus bill passed by the US government, which was the largest stimulus policy in history. It directly drove the capital market. After the stock market hit new highs, bitcoin ushered in the pace of rise
finally, bitcoin can not be controlled by one country. Europe, Germany, France and Britain are optimistic about bitcoin. Although the United States has no policies, it encourages innovation, and Wall Street VCs are pouring in. China has only closed the intermediary platform, and banks are still going through. Then why not completely ban it? Just be cautious. Bitcoin still needs the west to lead the way, and China will catch up sooner or later.
bitcoin is stored in a digital wallet. You can store it on your local hard disk or mobile phone, or in a variety of online bitcoin exchanges. Keeping bitcoin locally is like hiding money under a mattress. If something goes wrong with your digital wallet, your money will be gone
to remit or collect money, you need to point your bitcoin client or network exchange to a bitcoin address, which is the address of every wallet. After a few minutes, bitcoin will generally leave your wallet and enter the other person's wallet. There are few sites that accept bitcoin, but there are a few. It's more difficult to use bitcoin in real life, but it can be achieved through some systems
what is the impact of bitcoin on the economy
despite all kinds of problems, the soaring price of bitcoin is partly e to more and more people using it. Bitcoin fans believe in its future. Ordinary people are also graally interested in cryptocurrency, but because it is too complex, it is difficult to popularize in the mass market. If it is really popular, the fluctuation of bitcoin's value will lead to greater turbulence in the global economy
if you bought $1000 bitcoin in 2010, it's worth about $35 million now. But if you buy $1000 bitcoin in early 2014, you'll only have a quarter of your purchasing power a year later. How would you feel if you paid with bitcoin and found that you could only buy half of what you had a few days ago
this kind of inflation is unstable, but if it is used in parallel with the government supported currency, bitcoin does have some advantages. Few people will exchange all their assets for bitcoin.