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We have been witnessing that the Cryptocurrency Avenue has been eye catchy in the recent trend for the investment banking companies and other hedge fund managers.
The former hedge fund manager and financial analyst on CNBC, Jim Cramer, expressed his skepticism towards Bitcoin and the cryptocurrency market.
While Goldman Sachs showed optimism on cryptocurrencies and its derivatives trading is likely to add a domino effect in Wall Street circles, said Blockchain Capital partner Spencer Bogart. He considers that the Goldman Sachs decision will snowball into other banks, and not just because they’re following the company’s lead.
On the hand, JP Morgan has applied for a patent related to Blockchain back in October of last year. Titled Systems and Methods for the Application of Distributed Ledgers for Network Payments as Financial Exchange Settlement and Reconciliation, the U.S. Patent and Trademark Office published JP Morgan Chase Bank’s formal application to patent what amounts to a variation on Blockchain technology.
Cramer emphasized that Bitcoin and PayPal are pressuring banks and major financial institutions already at risk of losing relevance due to the emergence of more efficient alternatives, the hedge fund manager clarifies recently on CNBC Mad Money.
While he noted that a rapid increase of young fund managers attention who reckon banks would eventually be surpassed by Bitcoin, the Blockchain, and FinTech applications such as PayPal and Twitter CEO Jack Dorsey’s “Square” payment app, perceive the new generation is shifting from traditional banking systems to digitalized networks that are cheaper, faster, and more secure.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 47 levels (which is bullish), while hourly USD spot index was at 150 (bullish) while articulating at (07:35 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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