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Mar 28, 2018

Are Banks Losing Big by Ignoring Cryptocurrency?

Cryptocurrency’s ongoing relationship with traditional banks can be referred to as “lukewarm at best”. But it shouldn’t be that way according to Daniel Masters, who thinks that banks are foregoing an enormous opportunity to innovate. Masters, a former top trader at J.P. Morgan, has criticized banks for “[having] absolutely failed to innovate in any way, shape or form,” in reference to banks’ slow adoption of cryptocurrency and its underlying blockchain technology.

Masters, who ran J.P. Morgan’s New York energy trading business in the 1990s before leaving to establish his own commodities fund, pivoted his firm’s focus to digital currencies in 2014. In a recent interview with Business Insider, Masters touted the “true revolution” that he believes cryptocurrency represents as an example of “trench warfare” between “analog financial service companies and digital financial services companies”.  

Traditional banks have typically characterized cryptocurrency as a type of scam. High-profile detractors abound – since the beginning of 2018, World Bank president Jim Yong Kim and European Central Bank executive board member Yves Mersch have described it as a Ponzi scheme. Bank of Settlements general manager, Augustin Carstens, went a step further calling it a “combination of a bubble, a Ponzi scheme, and an environmental disaster” while lecturing at Frankfurt University. Charlie Munger, the 94-year-old vice chairman of Berkshire Hathaway, has referred to bitcoin as a “noxious poison”, and J.P. Morgan CEO Jamie Dimon called it a fraud (though he later apologized for his comments, and the company’s attitude seems to be warming as evidenced by a recent J.P. Morgan research report on cryptocurrency).

 

 

Masters believes that cryptocurrency’s foundational principle of decentralization, coupled with its removal of middlemen, is threatening to legacy bankers. Regulations have created too much friction to previously facilitate innovation, and they are now paying the price. "Banks have sat on their laurels for 30 years,” Masters said. “I just threw out my checkbook, it looks exactly the same as it did in 1985. Why should I still have it when I'm doing Uber instead of cabs, Airbnb instead of the Sheraton?”

Despite traditional financial institutions’ collective misgivings, as well as a rough start to 2018, bitcoin’s 1,500% rise in value in 2017 has forced financial service providers to take notice. Exchange operators Cboe and CME have begun offering bitcoin futures trading, and Goldman Sachs indicated on a recent earnings call that they are considering opening bitcoin trading desks. Meanwhile, Global Advisors, which owns a 75 percent stake in fellow fund Coinshares, announced in January that they collectively manage more than $1 billion in assets – numbers that would have seemed outrageous in the recent past.

Masters thinks 2017’s gains represent a well-earned victory for the first-wave of cryptocurrency investors, who weathered significant ups and downs as the market found its footing. He characterized the landscape as “the fog of war”: “You might be able to see the few people around you, you can see the hill over there, but very few people can see the whole landscape. We're in a very fortunate position because we touch so many different parts of it. For us, it is abundantly clear that we are in the midst of a true financial revolution." Traditional banks would be wise to get a piece of action should he prove to be correct.

Interested in learning more about cryptocurrency, and perhaps even investing in it? Tickeron.com has educational resources you can tap to learn more, and has also developed Artificial Intelligence to track patterns in the cryptocurrency markets. Learn more and get started today.

Related Ticker: BTC.X

BTC.X sees MACD Histogram just turned negative

BTC.X saw its Moving Average Convergence Divergence Histogram (MACD) turn negative on March 16, 2024. This is a bearish signal that suggests the stock could decline going forward. Tickeron's A.I.dvisor looked at 58 instances where the indicator turned negative. In of the 58 cases the stock moved lower in the days that followed. This puts the odds of a downward move at .

Price Prediction Chart

Technical Analysis (Indicators)

Bearish Trend Analysis

The 10-day RSI Indicator for BTC.X moved out of overbought territory on March 15, 2024. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 60 similar instances where the indicator moved out of overbought territory. In of the 60 cases, the stock moved lower in the following days. This puts the odds of a move lower at .

The Stochastic Oscillator has been in the overbought zone for 1 day. Expect a price pull-back in the near future.

Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .

Bullish Trend Analysis

The Momentum Indicator moved above the 0 level on March 25, 2024. You may want to consider a long position or call options on BTC.X as a result. In of 133 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 443 cases, the price rose further within the following month. The odds of a continued upward trend are .

BTC.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.

The Aroon Indicator entered an Uptrend today. In of 438 cases where BTC.X Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .

Fundamental Analysis (Ratings)

Fear & Greed

Market Cap

The average market capitalization across the group is 1.37T. The market cap for tickers in the group ranges from 1.37T to 1.37T. BTC.X holds the highest valuation in this group at 1.37T. The lowest valued company is BTC.X at 1.37T.

High and low price notable news

The average weekly price growth across all stocks in the group was 2%. For the same group, the average monthly price growth was 27%, and the average quarterly price growth was 158%. BTC.X experienced the highest price growth at 2%, while BTC.X experienced the biggest fall at 2%.

Volume

The average weekly volume growth across all stocks in the group was -39%. For the same stocks of the group, the average monthly volume growth was 20% and the average quarterly volume growth was 293%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating:
P/E Growth Rating:
Price Growth Rating:
SMR Rating:
Profit Risk Rating:
Seasonality Score: (-100 ... +100)
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BTC.XDaily Signal changed days agoGain/Loss if shorted
 
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