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It seems that there is not enough communication between JP Morgan’s colleagues. According to a JP Morgan strategist, Nikolaos Panigirtzoglou, Bitcoin Futures give legitimacy to the cryptocurrency market.

JP Morgan Different Views

Jamie Dimon, JP Morgan Chase CEO, has publicly criticized Bitcoin and cryptocurrencies several times. “I wouldn’t put this (Bitcoin) high in the category of important things in the world, but I’m not going to talk about Bitcoin anymore,” he told. But after it he said that government will ‘crash’ bitcoin.

But who should we believe to? Mr. Panigirtzoglou, has commented that regulated futures market can legitimize the cryptocurrency world. In a note to investors, he said:

“The prospective launch of Bitcoin futures contracts by established exchanges in particular has the potential to add legitimacy and this increase the appeal of the cryptocurrency market to both retail and institutional investors.”

The comments come after the decision of the Chicago Mercantile Exchange (CME) to launch Bitcoin futures on December 18. The CME’s decision to offer Bitcoin futures was permitted by US regulators. This situation allows institutional investors to explore the cryptocurrency world. This situation is expected to give an impulse to the Bitcoin price that it’s being traded at its records.

When Bitcoin and the cryptocurrency community receives attacks from different sides, positive comments are welcomed. Many specialist have compared the cryptocurrency market to a Ponzi or Pyramid scheme.

More Legitimacy for Bitcoin and Cryptocurrencies

Different institutions are starting to pay attention to Bitcoin and the cryptocurrency market. Amid regulations arising around the world, some important financial markets are willing to work with Bitcoin. Nasdaq, one of the most important exchanges in the world, announced that it will offer Bitcoin futures during the next year.

“Nasdaq’s Bitcoin contract would debut on Nasdaq Futures, or NFX, a marketplace that the New York-based exchange group launched in 2015 that until now has mainly focused on energy trading, according to the people familiar with the situation,” reads Nasdaq’s report.

Other institutions and hedge fund are also moving towards Bitcoin. For example, Michael Arrington, TechCrunch founder, has decided to launch a $100 hedge fund mainly in Ripple (XRP). In addition to it, Arrington has said that other cryptocurrencies and traditional investments will be added to the portfolio.

Another business interested in Bitcoin funds is TOBAM, a Paris Asset Management Company. The company manages more than $9 billion dollars and it’s the first European mutual fund operating in the continent.

ROFEX, the Argentinian biggest futures market, has also decided to implement Bitcoin options for its investors.  The centennial institution will allow different institutional and big investors to operate with Bitcoin under a regulatory framework.

Do you think that these institutions will allow Bitcoin to gain legitimacy or not?

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