JP Morgan CEO Changes Stance on Crypto and Wyoming Passes Bills

CryptoPanic
JP Morgan

Just as the bear market seems to be killing off projects left and right, the CEO of JP Morgan, Jamie Dimon, makes a 180. Jamie made a famous statement in 2017 about Bitcoin being a scam. He never fully dismissed the technology blockchain publicly, but it is safe to assume he did not think highly of it.

Now in 2019, history has been made as JP Morgan releases information on a stablecoin that the company is making comparative to Ripple’s XRP coin.

Image by CoinTelegraph, William Suberg

What this essentially means: JP Morgan is going to utilize blockchain in order to create a stablecoin that is backed by USD and will settle payments internally between clients on an international level.

The coin is a fork off of the Ethereum blockchain, and the code is private as to protect sensitive information. To put it lightly the CEO of Ripple, Brad Garlic-house, is not very happy.

Surprisingly, this did not effect the price of the XRP coin and will likely not effect it moving forward. Why you might ask? Well, the price of XRP is not exactly derived from the success of Ripple labs on the banking end. XRP is still a mean of exchange and will be widely used publicly thus so. The impact this will have is: adoption, increased exposure, and more developers working on blockchain based projects. IE everybody wins… except Bitconnect.

Different type of Coins

For those of you who do not keep up with the differences in Coins, tokens, stablecoins, security tokens, shitcoins, altcoins and bison coin, here’s the difference.

  • Coin: typically refers to a cryptocurrency with its own blockchain (Bitcoin)
  • Token: refers to a cryptocurrency that lies on top of a blockchain. (Ethereum tokens) These can be broken down further into two types of tokens: Utility tokens and Security tokens.
  • Utility tokens: Enables holders to either access a certain network or vote in a certain network. Provides a service through holding said token
  • Security tokens: These are defined by using the Howey test and derive their value from any tradable, external asset. Due to these being deemed securities, they are upheld to all federal and securities laws & regulations (gross)
  • Stablecoins: blockchain based cryptocurrency that is backed by USD one to one (1:1) (DAO, Tether)
  • Altcoins: Any coin or token that is not Bitcoin (racist cryptos)
  • Shitcoins: Cheap coins that usually have a low market cap and not a lot of exposure on the market. (like Bison coin below)
  • Bison Coin: Not a real coin… but it should be. Someone? Please?
Wyoming

Well, it looks like we will be moving to Wyoming (joking not joking). With the (7) bills being passed through the house, Wyoming is now the leader in blockchain based regulations in the US.

If we recall, this movement was heavily prompted by IOHK (Input Output Hong Kong) moving their head quarters from (Hong Kong duh) to Wyoming thanks to their CEO Charles Hoskinson. The Governor of Wyoming also has a back ground related to cryptography which helped push this into existence.

Now that Wyoming has created regulatory action on upholding crypto as property, it will only be time until other states start to chime in.

Polls
CryptoPanic

A hot topic in crypto is when will the bull wake up? Clearly, opinions are stretched across the board as no one knows the answer. Our bet is on time. It takes time for sentiment to change, and the best move for investors now is stay patient.

Prices are at recent all time lows, news is constantly stirring the pot and the market seems to be stable. This is a rare position where investors can make their move before the market does.

Have any questions about crypto or inquires? Feel free to reach out on our website: Apollo

Cheers