FINTECH

Bitcoin Volume Likely To Jump Higher Than Apple, Despite Media Wars With Chase Bank Executive

According to a letter entitled Poking the Crypto Hornet’s Nest published by Jens Nordvig, Founder & CEO of Exante Data. LLC, patterns in Bitcoin prices are sometimes used as indicators when drawing conclusions about global markets.

“We have occasionally looked at indicators derived from bitcoin pricing to complement our understanding of global capital flows,” Nordvig commented.

In the same widely shared memo, Nordvig explained that Bitcoin and Ethereum’s daily trade volumes have grown to 8 times in one year and cryptocurrency in total is gaining on Apple, on the daily trade charts, leveraging 3 billion dollars daily, while Apple is averaging roughly 4 billion dollars each day. Nordvig also points out that the existing global cryptocurrency market is valued at over 100 billion dollars which is higher than the total value of gold held in ETF form.  He then explained that it is not surprising to see all the media hype surrounding the cryptosphere, at this attention grabbing size of accumulated assets.

“The value of existing cryptocurrencies is also becoming significant, surpassing $100bn recently. That is larger than gold holdings in ETF form (just below $100bn). Hence, the accumulated asset positions in cryptocurrencies have now reached a size where contagion effects (positive or negative) to other markets would not be surprising.”

Nordvig wrapped up his note with a tone of neutrality and optimism. He stated:

“We want to be pragmatic in our analysis, and we are open-minded to embedding signals from cryptocurrency space in our capital flow analysis if we find that those signals provide additional relevant information. We do not believe that one can predict with confidence at this point that any given cryptocurrency will continue to thrive… but we look forward to using the information from an increasingly active cryptocurrency market in our tracking of global capital flows, when appropriate.”

Bitcoin vs. Chase

All of these astounding statistics come to the attention of the public despite the recent negative trending headlines surrounding China’s ICO ban.  Even Chase Bank CEO’s anti-Bitcoin rants can’t kill the mighty and bullish Bitcoin.

Living up to its own slogan, Jamie Dimon of JP Morgan, aka Chase Bank, demonstrated the definition of the bank’s catch phrase  “Chase What Matters”.  Through his continued futile attempts to chase away the public’s interest in Bitcoin, Dimon only emphasized bitcoin’s importance.  With a series of overly offensive comments on Bitcoin, the Chase Bank executive has displayed behaviors reminiscent of a flailing swimmer trying not to drown.  The banker’s words have been so belligerent and so extremely far at the edge of skepticism that it raises the question: Is this man acting?

Here is figure who is highly trained to address public concerns. At the top of the banking food chain, Dimon is under constant scrutiny. With years of experience in this position, every single breath of his latest rants were likely calculated, and not without an agenda.

On the surface it appears as if Dimon had a plan to discredit Bitcoin, and to most people witnessing these events he comes off as another arrogant banker. It’s highly questionable that a man of his intelligence and background seems uneducated on this topic. He is not uneducated, which might be an indication that his behavior is meant to gain support of similar minded skeptics or people who would naturally resist digital currency adoption.

Ref-coremedia.info

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