Bitcoin price is slowly recovering and it is currently trading above the $3,750 support against the US Dollar.There was a break above a short term contracting triangle with resistance at $3,795 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is likely to struggle near the $3,860 resistance and the 100 hourly simple moving average.Buyers could gain traction only if there is a close above $3,900 and the 100 hourly SMA in the near term.Bitcoin price formed a decent support and recovered above $3,780 against the US Dollar. However, BTC remain a sell as long as it is trading below the key $3,860 and $3,900 resistance levels.Bitcoin Price AnalysisAfter a major decline below the $4,000 support, bitcoin price found support near $3,625 against the US Dollar. The BTC/USD pair started an upside correction and traded above the $3,700 and $3,750 resistance levels. There was a push above the 23.6% Fib retracement level of the last downside move from the $4,188 high to $3,625 low. It opened the doors for a larger recovery above the $3,800 level. However, the price struggled to break the key $3,860 resistance and later the price started consolidating gains.To the downside, the $3,750 level acted as a decent support. The price formed a support base and later moved above $3,780. Recently, there was a break above a short term contracting triangle with resistance at $3,795 on the hourly chart of the BTC/USD pair. The pair is slowly moving higher and it seems like it could retest the key $3,860 resistance level. However, the main resistance is near the $3,880 level and the 100 hourly simple moving average. Above the 100 hourly SMA, the price could test the $3,900 pivot level.Finally, the 50% Fib retracement level of the last downside move from the $4,188 high to $3,625 low is just above $3,900. Therefore, it seems like there are many resistances formed near the $3,860, $3,880 and $3,900 levels. To start a decent upward move, a close above the $3,880 level and the 100 hourly SMA is very important.Looking at the chart, bitcoin price may perhaps continue to struggle as long as it is below $3,900. On the downside, the main support is at $3,750, below which there is a risk of more losses. The next key support is at $3,720 and $3,700.Technical indicatorsHourly MACD – The MACD is currently flat in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD managed to move above the 50 level, with a few positive signs.Major Support Level – $3,750 followed by $3,720.Major Resistance Level – $3,860, $3,880 and 3,900.
Archives for February 26, 2019
The total crypto market cap is slowly correcting higher towards the $128.0B resistance level.Litecoin (LTC) price is currently consolidating above the $45 support level.Bitcoin cash price is slowly moving lower (down more than 2%) towards the $130 support level.Tron (TRX) is at a risk of a sharp decline below the $0.0242 and $0.0240 support levels.Cardano (ADA) price could decline further towards the $0.0400 support level in the near term.The crypto market is showing signs of an upside correction, with moves in bitcoin (BTC) and Ethereum (ETH). Ripple, litecoin, bitcoin cash, TRX, XLM and ADA might correct higher before fresh decline.Bitcoin Cash Price AnalysisBitcoin cash price slowly moved down and broke the $135 and $134 support levels against the US Dollar. The BCH/USD pair is down more than 2% and it seems like it could break the $132 support. The next key support is near the $130 level, below which there could be a sharp drop towards the $125 support.On the upside, the previous support near the $135 level may perhaps act as a strong resistance. If there is a break above the $135 resistance, the price could correct higher towards the $140 level.Litecoin (LTC), Tron (TRX) and Cardano (ADA) Price AnalysisLitecoin price started a downside correction from well above the $50 level. LTC broke the $48 and $46 support levels. At the moment, the price is consolidating above the $45 support. If there is a downside break below $45 and $44, the price could continue to move down towards the $40 support. On the upside, the main resistances are $48 and $50.Tron price remained in a bearish zone and it recently broke the $0.0245 support level. TRX price is currently trading near the $0.0242 level and it seems like it could decline further towards the $0.0240 level. A break below $0.0240 might accelerate losses towards the $0.0380 level.Cardano price faced an increased selling pressure and it declined below the $0.0450 support level. ADA is trading with a bearish angle and it seems like it could revisit the $0.0400 support zone in the coming sessions.Looking at the total cryptocurrency market cap hourly chart, there is a decent support base formed near the $124.2B level. The market cap recently climbed above a bearish trend line, opening the doors for a correction above the $126.0B level. However, there is a strong resistance formed near the $128.0B zone and the 100 hourly simple moving average. Therefore, upsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICS, XLM and other altcoins are likely to remain capped in the near term unless buyers gain traction.
Ripple price failed to break the $0.3380 and $0.3400 resistance levels against the US dollar.The price traded lower and broke the $0.3220 and $0.3200 support levels to move into a bearish zone.There is a short term breakout pattern formed with resistance at $0.3155 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could decline further if there is a downside break below the $0.3100 support.Ripple price rally after the Coinbase Pro listing failed to gain pace against the US Dollar and bitcoin. XRP/USD trimmed most gains and traded below the key $0.3200 support level.Ripple Price AnalysisYesterday, we saw a sharp upward move in ripple price above $0.3200 against the US Dollar. The XRP/USD pair even broke the $0.3320 resistance level and the 100 hourly simple moving average. However, the price failed to break the $0.3380 and $0.3400 resistance levels. A fresh decline initiated and the price broke the $0.3320 and $0.3220 support levels. There was even a break below the 50% Fib retracement level of the last leg from the $0.2960 low to $0.3388 high.It opened the doors for more losses and the price broke the $0.3200 support plus the 100 hourly simple moving average. Recently, the price spiked below $0.3140 and the 61.8% Fib retracement level of the last leg from the $0.2960 low to $0.3388 high. However, the $0.3100 support prevented losses and the price is currently consolidating. Moreover, there is a short term breakout pattern formed with resistance at $0.3155 on the hourly chart of the XRP/USD pair.The chart suggests that the pair seems to be approaching the next break either below $0.3100 or above $0.3180. On the upside, there are many hurdles near the $0.3180, $0.3200 and $0.3220 levels. A close above $0.3220 could push the price towards the $0.3380 swing high in the near term. On the other hand, if there is a downside break below $0.3100, the price could decline sharply. The next key support is at $0.3020, below which the price may retest $0.3000.Looking at the chart, ripple price clearly failed to capitalize above the $0.3380 zone. It is currently trading in a bearish zone and it will most likely gain pace below $0.3100. Conversely, buyers need to break the $0.3220 barrier to start a fresh upward move in the coming sessions.Technical IndicatorsHourly MACD – The MACD for XRP/USD is about to move into the bullish zone, but it is lacking strength.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 45 level, with a bullish angle.Major Support Levels – $0.3100, $0.3020 and $0.300.Major Resistance Levels – $0.3180, $0.3200 and $0.3220.
ETH price failed to move above the $140 and $142 resistance levels against the US Dollar.The price broke the $136 support and it seems like it could continue to move down in the near term.Yesterday’s highlighted key breakout pattern was breached with support at $136 on the hourly chart of ETH/USD (data feed via Kraken).The pair remains in a bearish zone and it could trade below the $131 and $130 levels.Ethereum price failed to recover above key levels against the US Dollar and bitcoin. ETH/USD is under pressure and it may continue to move down towards $130 and $126 in the coming sessions.Ethereum Price AnalysisAfter trading as low as $131, ETH price started an upside correction against the US Dollar. The ETH/USD pair traded above the $135 and $136 resistance levels. However, the upside move was capped by the $140 and $142 resistance levels. Moreover, there was no proper close above the 23.6% Fib retracement level of the last drop from the $166 high to $131 low. The price clearly failed near the $141-142 resistance zone, resulting in a fresh decline.Finally, the price broke the $137 and $136 support levels to start a fresh bearish moves. It traded below the $136 support and settled below the 100 hourly simple moving average. Besides, there was a break below the 61.8% Fib retracement level of the recent wave from the $131 low to $141 high. More importantly, yesterday’s highlighted key breakout pattern was breached with support at $136 on the hourly chart of ETH/USD. These all are bearish signs below $136 and suggests more losses in the near term.An immediate support is at $133 and the 76.4% Fib retracement level of the recent wave from the $131 low to $141 high. If sellers push the price below the $133 level, ETH could revisit the $131 swing low. On the upside, the main resistance levels are near $138, $140 and $142. A successful close above $141-142 followed by a break above the 100 hourly SMA is needed for more gains.Looking at the chart, ETH price is placed in a bearish zone and it could trade below the $131 and $130 levels. There are even chances of more losses below the $131 swing low. The next key support is at near the $128 level followed by the $126 level. Below $126, the price could revisit the $120 zone.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is suggesting bearish structure, with a possible flat structure.Hourly RSI – The RSI for ETH/USD is currently just above the 40 level, with a minor bullish angle.Major Support Level – $132Major Resistance Level – $142
Ether price volatility could spike in the days ahead, courtesy of an upcoming ethereum upgrade scheduled for Thursday.
The Constantinople hard fork, a planned two-part upgrade to the world’s second-largest cryptocurrency, is scheduled to occur once block 7,280,000 on the ethereum blockchain is mined. At the time of writing, ether’s block height is 7,272,826, meaning the fork should occur in the next 24 to 48 hours, given that roughly 4,200 blocks have been mined per day for the past two weeks.
However, the change could draw the interest of more than just developers and users, as historical data shows ether price volatility tends to spike hours before a software upgrade.
For instance, ether price volatility picked up with the Byzantium hard fork release on Oct. 16, 2017, with the resulting uncertainty forcing traders to sell ETH and unwind their long positions leading to a 20 percent price slide.
As shown in the chart above, traders on that date were unwilling to invest amid a change to the underlying ethereum protocol.
The Chaikin Money Flow (CMF), used to gauge momentum as well as buying and selling pressure, demonstrated a break into bullish territory (a move above 0) on Nov. 14, 2017 after a brief visit below when prices went through a 20-day consolidation period.
Overall, it took a total of 34 days for ether’s price to break above the sideways channel after the fork occurred, so if history repeats itself, ether prices may be destined for a multi-week sideways trend after the Constantinople upgrade takes place.
Still, it’s also worth noting current trading conditions and the overall bear market for cryptocurrencies at present.
ETH/USD witnessed a considerable sell-off Sunday when its price dropped 17 percent after having clocked a three-month high earlier in the day. The CMF on the daily time frame was still printing a value above zero, so a bearish view is not yet confirmed as per the indicator.
However, if bears continue to drag price lower, the sell-off would likely be short and fast unless the amount of selling volume increases substantially, in which case it would add credence to the fall and put the price at risk of falling below the prior support level $123.
If the Constantinople fork aftermath resembles that of what transpired in ether markets following the Byzantium fork, ether prices should not exceed a drop beyond 20 percent. It’s also possible that delays in the scheduled update could impact the market, and traders may want to be prepared accordingly.
The Constantinople hard fork was delayed in January of this year due to unforeseen mistakes during testing, a move that caused a slight drop in the ether price, as reported by MarketWatch at the time.
Disclosure: The author holds no cryptocurrency at the time of writing.
Although yesterday’s news that Coinbase would be adding XRP to their platform was a pleasant surprise to investors who had long criticized the exchange for not adding the cryptocurrency to its platform, XRP has dropped today and has surrendered a large portion of its recent gains.XRP’s inability to continue climbing despite the positive news signals that the so-called “Coinbase effect” may no longer be relevant in the persisting bear market.XRP Drops Over 3% as Yesterday’s Surge Fizzles OutAt the time of writing, XRP is trading down 3.3% at its current price of $0.32. Yesterday, the crypto surged from lows of just under $0.30 before climbing to highs of nearly $0.34. Its bulls were unable to garner enough buying pressure to continue pushing its price higher, which led it to drop slightly towards its current price levels.In the past, XRP incurred double-digit gains just based on rumors that Coinbase would list the digital asset. The reactiveness of the markets stemmed from a widespread belief – largely backed by empirical evidence – that cryptocurrencies would surge after being listed on Coinbase due to a sudden influx of buying pressure from the exchange’s users.Historically, this buying pressure came about due to the large user-base on Coinbase’s consumer platform that allows investors to easily buy cryptocurrencies using fiat trading pairs.Mati Greenspan, the senior market analyst at eToro, spoke about the fleeting effect that the Coinbase listing had on XRP in a recent email, noting that the impact of the official listing announcement was significantly less than that of unsubstantiated rumors in late-2017 and early-2018.“Several rumors that circulated during the 2017 bull run were thought to have a profound impact on the price. Even though at the time they were unsubstantiated, it wouldn’t be uncommon for XRP to rise by double digits on sheer anticipation… In the bear market however, even fantastic news that will no doubt allow many to access this market more freely is having less of an impact on prices,” he said, referencing the small 10% pump XRP witnessed yesterday.Impact of Coinbase Listings are Typically FleetingAlthough many XRP advocates and investors were popping the champagne after yesterday’s announcement, they may have celebrated too soon, as most cryptocurrencies that are listed on Coinbase see little-to-no positive price action post-listing.The “Coinbase effect” may be losing its clout within the crypto markets.Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about the fleeting nature of the once revered “Coinbase effect” in a recent tweet, referencing the poor post-listing price performance of Ethereum Classic (ETC).“Don’t worry $XRP army. You’re going to love the Coinbase effect. Just ask $ETC bagholders.”Don’t worry $XRP army. You’re going to love the Coinbase effectJust ask $ETC bagholders pic.twitter.com/moGjjoHdLO— Josh Rager 📈 (@Josh_Rager) February 26, 2019Although the listing may increase XRP’s trading volume over the long-run, it is highly unlikely – given the current state of the markets – that XRP will be able to buck the market trend and surge while Bitcoin and most other cryptos trade on the edge of a precipice.Featured image from Shutterstock.
Even the U.S. Federal Reserve thinks Alexandria Ocasio-Cortez needs to cool it with all the money-printing schemes.
“An increasingly popular theory espoused by progressives that the government can continue to borrow to fund social programs such as Medicare for everyone, free college tuition and a conversion to renewable energy in the next decade is unworkable, Federal Reserve Chairman Jerome Powell said Tuesday.”
Alexandria Ocasio-Cortez is One of the Most Overrated Politicians of the Decade
An “increasingly popular theory?”
Did a millennial write this?
Who’s Jeff Cox?
No Jeff! I Googled you. You’re 42 bro!
Buddy, you know Nancy Pelosi has been borrowing money from the Federal Reserve to fund socialist programs since before Alexandria Ocasio-Cortez was a twinkle in her daddy’s eye.
Have you just now started following along?
The Federal Reserve has been playing this game since December 23, 1913.
Fed Chair Powell: Hold up AOC, We Don’t Want to Print THAT Much Money
“The idea that deficits don’t matter for countries that can borrow in their own currency I think is just wrong,” Federal Reserve Chair Jerome Powell said in Senate testimony. CNBC reports like it’s a new idea:
“The notion behind what is called ‘Modern Monetary Theory,’ or MMT, is that as long as the Fed can keep interest rates low without sparking inflation, the national debt and budget deficit won’t be an issue. MMT has been espoused by politicians including Rep. Alexandria Ocasio-Cortez, D-N.Y., and Democratic presidential candidate Sen. Bernie Sanders of Vermont.”
Modern Monetary Theory?
What are they talking about?
Are these guys Alexandria Ocasio-Cortez and Bernie Sanders seriously trying to take credit for coming up with the idea that running up the national debt doesn’t matter?
Who the H-E double toothpicks do these C-list, amateur-hour socialists think they are?
The real most epic socialists from U.S. history are:
Donald J. Trump, Barack H. Obama, and George W. Bush, and the work of the likes of Mitch McConnell, Paul Ryan, Chuck Schumer, Nancy Pelosi, Harry Reid – all of those charlatans who redistributed trillions and trillions of dollars through government bureaus.
Those guys have been growing federal budgets and borrowing a relentless flood of money from the Federal Reserve’s tireless dollar press precisely like people who believe:
“…as long as the Fed can keep interest rates low without sparking inflation, the national debt and budget deficit won’t be an issue.”
There’s a Reason it’s Called the ‘Green’ New Deal
American money is green. And when the Green New Deal causes hyperinflation, you will start seeing a lot more of those green notes everywhere. Like way more. Like $93 trillion more.
Maybe even wheelbarrows full of it – just to pay for the week’s groceries. But as in Venezuela and other places where hyperinflation has happened, none of us will be any richer.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
Alexandria Ocasio-Cortez Image from REUTERS / Joshua Roberts
Taiwanese mobile phone giant HTC has announced that it will begin accepting fiat payments for its Exodus 1 crypto-enabled model. The Exodus 1 blockchain-based smartphone features advanced private key management and has supposedly been designed for a decentralised web.The firm began taking orders for the cryptocurrency-optimised handset last October but only accepted digital assets as payment. As part of the same announcement today, HTC also stated that they would add Binance Coin (BNB) to its list of accepted cryptos.HTC Exodus: Bringing Crypto to the Masses?Those of you who couldn’t bare to part with any of that precious crypto to buy the HTC Exodus 1 back in October are in luck. HTC have announced that they will begin taking fiat orders for their debut into the still sparse blockchain-based phone market at an undisclosed date in March. The handset will sell for $699 (or local equivalent).HTC’s Exodus 1 smartphone features a native wallet, which exists in a sort of quarantine from the rest of the device. According to the manufacturer’s website, the Zion Wallet, as it is called, uses a “trusted execution environment… free from malware.”The handset has already won the approval of some of the space’s biggest names. Vitalik Buterin, the co-founder of Ethereum, stated of it:“I’m excited to see EXODUS putting in the work to make blockchain and cryptocurrency technology secure and easy to use for the masses.”The Exodus is more than just a phone with a crypto wallet built in. Its creators believe it can help in the creation of a decentralised web, with privacy and data ownership as key pillars. VentureBeat report Phil Chen, decentralised chief officer at HTC, stating:“Exodus is about the future of data and getting the right architecture for the internet, one that includes security, privacy, and transfer of ownership of data back to the person generating it.”Cryptocurrency Phone WarsHTC’s Exodus is just one of a small handful of blockchain-ready mobile handsets that are coming to market. In 2017, NewsBTC reported on the startup Sirin Labs and its Finney crypto smartphone. It features a vast array of security features, such as three-factor authentication and blockchain-based tampering proof verification, along with built in crypto wallet. Sirin Labs were later reported to be talking to Chinese mobile phone manufacturer Huawei to help them bring a blockchain-based smartphone to market.Perhaps more exiting for those interested in mobile phone support driving real public adoption of crypto is the recent news from Samsung. The South Korean mobile behemoth announced to the world at its Unpacked 2019 event that its flagship mobile, the Galaxy, would benefit from blockchain support in its next edition, the s10. This would include enhanced private key security too.This announcement of the planet’s largest mobile phone manufacturer has many in the digital currency space excited for the future of the tech. One commentator on Twitter posted the following:Potentially most bullish news of 2019 is happening in 10 minutes:📱Samsung (top selling phones in the world) unveiling new Galaxy S10
📲 It is said to have a native Crypto Wallet built into itUnderestimated how big this will be for adoption. Other phones will follow suit
🥇— 👾 (@Lord_of_Crypto) February 20, 2019 Related Reading: The 100 Million Bitcoin Users Case – Could Bakkt Massively Boost Adoption?Featured Image from Shutterstock.
There’s something off-putting about a multi-billion dollar company like Walmart doing away with jobs primarily filled by people with disabilities. More than two years ago, the world’s largest retailer began replacing its greeters with so-called “customer hosts on a trial basis, and now the company plans to take the new initiative nationwide.
NPR reported that 1,000 stores would lose these greeter positions as of April 25.
Disabled Walmart Employees Latest Casualty in Retail Wars
Poignantly, the switch disproportionately affects employees who have cerebral palsy and other conditions that didn’t get in the way of Walmart hiring them. Now, the employer seems to see them as no longer as valuable.
Trying to hide under the guise that the move will allow it to improve the customer experience, as Walmart has done, is bologna.
If customer experience was a factor, Walmart wouldn’t have the reputation of having 30 checkout lanes with only 10 open. I digress.
Simply, this move is one of corporate arrogance that I didn’t see Walmart pursuing. Many others aren’t content with it either. They’ve lit up social media platforms like Christmas trees in expressing their outrage.
Never Miss It Until It’s Gone
This is bullshit. @Walmart can afford to keep the greeters AND create a new role. This is explicitly trying to remove disabled people from their rosters in a “legal” way. Its disgusting. @ACLU is there anything you can do?https://t.co/C3bl8N4fyz. #Walmart #aclu
— -K- (@xZombie_Baitx) February 26, 2019
One of the hallmarks of going to Walmart is being greeted with a smile by the employees as you walk into the store. There’s something about these workers that can even placate your frustration at having to show your receipt when leaving the store.
The thought of these people losing their jobs is gut-wrenching. One can’t help but wonder how a $285 billion company couldn’t leave these greeters in place. Who in the C-Suite thought this was going to go over well and wouldn’t end up running off customers?
Walmart’s Disappointing Defense
In a statement to NPR that I guess was supposed to show some compassion, a Walmart spokesperson said it would “give greeters with disabilities more time beyond April 25 to find new accommodations.”
“We recognize that our associates with physical disabilities face a unique situation. With that in mind, we will be extending the current 60-day greeter transition period for associates with disabilities. This allows associates to continue their employment at the store as valued members of the team while we seek an acceptable, customized solution for all of those involved.”
The spokesperson said the extended period would allow it to:
“explore the circumstances and potential accommodations, for each individual, that can be made within each store.”
The elimination of many of these disabled employees follows years’ worth of complaints over Walmart’s labor practices. The company’s practices have even been put under the scrutiny of the U.S. Equal Employment Opportunity Commission (EOC).
Gotta Have Workers Who Can Clean Up Spills!
Back in 2016, Walmart alerted workers, and the public, that it would be shaking up the “greeter” job description.
Here’s an excerpt from that statement:
“We’ve been working to welcome customers to an improved Walmart for some time now, and of the countless details we’ve taken a look at, a key piece has been better utilizing an important role – our greeters.”
It launched a pilot program in 2015 that included the new customer host position. These associates would be tasked with:
- greeting customers
- checking receipts
- helping with customer returns
These are the tasks the greeters already do. It would seem the greeters, including those who are disabled, could just become customer hosts.
NPR pointed out that under federal law, employers must provide reasonable accommodations to workers with disabilities. The law requires an “interactive process” between employer and employee to evaluate requests to be accommodated.
Perhaps, Walmart should revisit that federal labor law. That’s because this move to just get rid of existing employees to replace them with people skilled in lifting items wreaks.
Disabled Walmart Employees Aren’t Backing Down
Some of the workers affected by the eliminations are being proactive in trying to keep their jobs. They’ve reached out to the retail giant with their concerns, and a list of their contributions, to Walmart.
In the photo below is Adam Catlin. He is a Walmart greeter with cerebral palsy. He has become somewhat of a hero in all this.
Catlin, who has cerebral palsy, is afraid he’ll be out of work after store officials changed his job description to add tasks that he’s physically unable to do.
Adam’s mother, Holly Catlin, took to Facebook about his job being eliminated. Here’s an excerpt from that heart-wrenching post:
“Due to his disability, he has always had the option to stay home and collect SSI. However, Adam has such a strong desire to work and support himself. He even wanted to go to work rather then the hospital the morning of his heart attack. I am sad and I am sickened to see what a huge blow this is to him. I am putting this out there to make all of you, his friends, that he has made in the community, know, to not expect his smiling face and heartfelt, booming ‘hello’ as you enter those doors in the future. (After April) What a sad loss…to you, and definitely to him.”
Hey Walmart, This Won’t Help You Survive the Amazon Revolution
It’s not like Walmart can’t afford these salaries. Just last week, CCN reported on the company’s blowout fourth-quarter earnings report. Its share rose after the stellar report, underscoring its growing dominance in the e-commerce space.
Walmart reported adjusted per-share earnings of $1.41, easily topping analysts’ estimate of $1.33. Revenues reached $138.79 billion compared with $138.65 billion expected.
Rolling in that kind of money means that the retailer is doing pretty well, but, of course, it doesn’t mean all is well in Bentonville.
Clearly, the Arkansas-based company is in the toughest battle of its history as it tries to keep its customers from migrating to Amazon.
However, the concern that it’s cutting out one element, these greeters, who were a pleasure for many customers, could backfire. Walmart says the customer hosts will have expanded duties beyond greeting customers that many disabled workers can’t do.
So their solution is to hand out pink slips.
No matter which way Walmart is trying to spin this, the company deserves the mounting criticism it is receiving – and more.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
Featured Image from AP Photo / Elise Amendola, File
JPMorgan Chase CEO Jamie Dimon has suggested that JPM Coin, the megabank’s planned U.S. dollar-backed token, could eventually be a consumer product.
According to a CNBC report, at JPMorgan’s annual investor day, Dimon said:
“JPMorgan Coin could be internal, could be commercial, it could one day be consumer.”
For the foreseeable future, however, the token is likely to serve only business-to-business use cases.
When bank revealed the plan to trial JPM Coin earlier this month, Umar Farooq, the bank’s blockchain lead, described three applications, all internal: replace wire transfers for international payments by large corporate clients; provide instant settlement for securities issuances; and replace U.S. dollars held by subsidiaries of major corporations using JPMorgan’s treasury services.
An FAQ released by JPMorgan at the time hinted at the commercial possibilities, noting that while JPM Coin will run on the bank’s proprietary blockchain Quorum, it also “will be operable on all standard Blockchain networks.”
Dimon is known to be a harsh critic of cryptocurrencies, calling bitcoin a fraud in 2017, then publicly regretting those remarks in 2018, but still warning those who wanted to buy bitcoin to “beware.”
Image of Jamie Dimon via Fortune Live Media