JP Morgan's latest announcement highlights their change of tone when it comes to crypto and blockchain
Investment firm JP Morgan, has now announced that they are actively hiring developers for Ethereum and blockchain development.
JP Morgan have made the positions readily available with vacancies posted on Glassdoor. Candidates must have experience in crypto and blockchain. They must be well versed in:
- Writing up smart contracts
- Implementing business applications
- Verifying cryptographic protocols on blockchain
This announcement highlights JP Morgan's change of tone in regards to crypto and blockchain. Back in 2017, JP Morgan officials considered bitcoin as a fraud, with current CEO of JP Morgan, Jamie Dimon also threatening any trader in JP Morgan that if they do deal with cryptocurrencies then they will be fired.
However, JP Morgan has joined several other institutions, including Morgan Stanley, in taking in cryptocurrencies - specifically Bitcoin.
One of the main issues that bitcoin encountered was due to its high volatility but that has since decreased. JP Morgan stated that Bitcoin's decrease in volatility is actually making it more attractive to institutional investors who are seeking low-correlation assets to diversify their portfolio.
The investment firm believes that the recent change in volatility will encourage bitcoin adoption and they also evaluated how much Bitcoin must cost to reach the level of gold investments in the private sector:
“The recent change in the correlation structure of bitcoin relative to traditional asset classes. Mechanically, the bitcoin price would have to rise [to] $130,000, to match the total private sector investment in gold.”
JP Morgan also believes that once bitcoin and gold's volatility is in line with each other then the long-term price could exceed $130k.
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