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JP Morgan and Goldman Sachs harbour pro-Bitcoin [BTC] sentiments; growth anticipated

Bitcoin

Bitcoin is the top-ranked coin and the most sought-after crypto-asset in the market today. Two major banks have decided to be on the side on the king coin, thus weakening the opposition. During the previous month, a ship carrying 20 tons of cocaine was seized. The Mediterranean Shipping Company alongside JP Morgan were embroiled in this scandal.

In spite of incidents such as these being fairly common, the traditional financial system still opposes cryptocurrencies, citing reasons such as money-laundering. The Reserve Bank of India which has also adopted a negative stance of cryptocurrencies, were tied to fraudulent transactions involving billions.

Imagine you are trusting these powerful individuals so as to secure your funds. How do they manage to get richer every day, while the rest of the world struggles in the rat race? Insider-trading has been a problem for many such corporations [check out the case involving Rajat Gupta].

17 executives belonging to Goldman Sachs have been charged in Malaysia. The corruption scandal has visibly rattled the financial industry. These men and women the common people look up to are wretched thieves who don’t care about economic prosperity; their chief concern is to fatten their own pockets.

The SEC has turned down 3 ETF proposols, thereby hampering further developments of blockchain technology. Now that the Big Guys have changed their opinion on cryptocurrencies, how do you think the price of BTC will be affected by it?

Resistance will be felt near the $12340 level. The peaks for the Awesome Oscillator have turned brown, even though they remain above the zero line.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.