What A Great Day To Be In Crypto

There is no proof that these 2 events are correlated, but with the news of JP Morgan getting sued we are seeing a sharp rally. And if I were a betting man, I would guess that these 2 things are related and here is why I believe so.

Much of the negative news spread my the mass media has been about banks being against cryptocurrency. Back in August, Jamie Dimon - The CEO of JP Morgan - got on TV and spread a bunch of fear, uncertainty, and doubt. With his words and bad news from China we saw a sharp 40% drop.

There was a trend by the "big banks" where they started to charge users of bitcoin INSANELY high fees by classifying them as something they were not. But, in the case of JP Morgan they were going against the terms and services that many people agreed to when they had opened their accounts and because of that they were illegally charging fees to many members to discourage the use of cryptocurrency. Many executives at banks have been vocal that crypto is a threat to their business model. What a surprise.

Is The Grip Of The Banking Elite Loosening?

I am not going to predict that this is the beginning of a trend reversal, but this is VERY positive news. And charging insane fees like this is just wrong. Sadly, I think the bankers were spreading fear on purpose while they collected as much as they wanted. They can't buy it all at once or the price would spike to high. I believe they used the Futures trading to short the price down, then bought all the fear driven sales while spreading mass fear on TV. If you had trillions of dollars and you said on TV "This thing is a threat to our business model" then wouldn't it be a smart move to invest into that threat as insurance, or to hedge your bet, and that way no matter what you are safe from major losses.

What are your thoughts? Where will we go from here? Do you think banks are going to be able to control and stop crypto? Thanks for reading!