Deutsche Bank says good things about Bitcoin, not JP Morgan’s CEO

In a note shared with co-authored by Jim Reid, one of the research strategists at the banking giant Deutsche Bank has written some very positive things about Bitcoin. He said that news of the apparent efficacy of a number of potential coronavirus vaccines has had a positive effect on BTC.

Reid also wrote, in collaboration with co-author Henry Allen, a research analyst at Deutsche Bank, that Bitcoin may have become a serious competitor for gold and may even win the match against the precious metal in many cases. Reid and Allen wrote,

“There seems to be a growing demand for the use of Bitcoin, which can play the same role as gold: to protect against the dollar, inflation and other things.”

Reid’s positive and bullish comments about Bitcoin came five months after he stated in a previous article for the bank that gold was losing its luster as a hedge against government money.

In July, he called fiat money a “passing fad” in the long-term history of money and said that “many commodities” were “difficult to recommend on a buy-and-hold basis,” stating that “most were not effective against inflation in the long run.

JP Morgan CEO Jamie Dimon, on the other hand, remains unconvinced.

On Wednesday, at an event organized by the New York Times, Dimon, the famous Bitcoin skeptic (although his company has launched its own cryptomony, the JPM Token, and his bank’s analysts are publishing pro-Bitcoin articles), said that he had not changed his mind about the most famous cryptomony.

Read also: The JPMorgan bank turns over its jacket, it is lined with Bitcoin!

He said,

“I believe in a cryptomoney that is properly regulated and solidly backed. Bitcoin is a bit different and it’s not my cup of tea. I’m not really interested in Bitcoin.”

He added that in his experience, “the government can regulate what it wants and when it wants”. If Bitcoin gets bigger, he stressed, “it will be regulated”.

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