How times have changed:
How it started:
JP Morgan says Bitcoin is a hyped-up fraud.
How it’s going:
JP Morgan says that the SEC will be forced to approve a spot Bitcoin ETF due the Grayscale's victory in court.
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After I read the news about JP Morgan changing their tune on Bitcoin after calling it a hyped fraud, the first thing that came to my mind was this "First they ignore you, then they laugh at you, then they fight you, then you win", And that has been the story of Bitcoin and crypto since it launched and now crypto has grown too big for the government to ignore, right now global crypto adoption can not be stopped.
Bitcoin is a technology that its time has come and there is nothing anyone can do about it now, All the establishments and crypto critics that talked down on Bitcoin and crypto in the past are now coming around because their survival depends on it. Bitcoin and crypto keep winning and crypto adoption keeps growing.
If big financial institutions like Blockrock and JP Morgan just to mention a few are now supporting crypto now, and the economy needs it then I think it is time for the Securities and Exchange Commission (SEC) to step out of the way. According to news reports SEC has no good reason for approving futures Bitcoin ETFs and rejecting spot Bitcoin ETFs, so they will have to approve spot Bitcoin ETFs at some point. There is no escaping it, SEC has already been defeated twice by the crypto space. JP Morgan's U-turn to support the Crypto space was unexpected, But the crypto world is full of twists and turns, and this prediction adds another layer to the growth journey of cryptocurrency adoption.
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