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what up what up what up ngb the gang ngb the gang oh i got a juicy one for us today here on ngb business news now who am i talking about today people who am i talking about today today i'm talking about jamie diamond i think it's spell time now why am i talking about this guy who who is this guy i'm sure a lot of you guys may know who he is maybe a couple of you guys don't but he is actually the chairman of ceo of jp morgan and company which as you know is a huge hedge fund one of the biggest biggest hedge funds in the world and if you don't know what hedge funds do they take very very rich people's money and they invest it so they're pretty much the big money holders of this industry now what is he talking about today and why am i talking about him right now and why am i saying this is so juicy because he isn't a fan of bitcoin now you know we've been talking about bitcoin a lot on this channel here we talked about it when it was around 30 000.
we talked about it when it was around 30 000 and we talked about it when it broke 55k again because we thought that was big and it was big you know it was big for all the bitcoin traders they're all making a lot of money right now and right now it's at about 57k so it's kind of weird for jamie to be coming out saying this about bitcoin what did he say he said i personally think that bitcoin is worthless in an uh interview in the institute of international finance event on monday but i don't want to be a spokesperson i don't care it makes no difference to me our clients are adults they disagree that's what makes markets so if they want to have access to buy yourself bitcoin we can't custody it but we can give them legitimate as clean as possible access he held true to that statement in february 2019 jp morgan said it would roll out a digital currency called jpm corn the coin of course jp morgan and on october 20 uh 2020 the firm created a new unit for blockchain projects in august it started giving its wealth management clients access to crypto funds cnbc reported damon though our diamond has held firm to his anti-crypto outlook recently he told ceo jim van hee that bitcoin has no intrinsic value obviously you know a lot of people feel this way because you know bitcoin is an online it's a cryptocurrency it's all online you know it's all it's all digital digital it's not like you can go to the store with your physical you know bitcoin and just start shelling out coins all over the counter to buy you snacks and all that you know what i mean you can't it's all it's all digi digital and that's why he doesn't seem to agree with it now he said so i think it's a little bit of fool's gold he told them that regulators are going to regulate the hell out of it he may be right recently u.s government had a heightened focus on regulating cryptocurrency markets on friday bloomberg reported that the biden administration is weighing an executive order all the way from the president by executive order as high as it goes that would direct federal agencies to study and offer recommendations on the crypto market however though increased regulation may happen the federal reserve chairman uh jerome powell clarified at the end of september that he has no intention to ban bitcoin in the u.s now you know we talked about china's regulations we talked about that i want to say a week or two ago and how they pretty much said no cryptocurrency anywhere in china unless it's the one that we're working on which is kind of interesting of course but they said no you know i'm saying no cryptocurrency at all they said you can't um use outside mediums and come back in trying to trade cryptocurrency and finesse the system and they put a lot of practice in place to make sure that no one's actually trading cryptocurrency so they're actually really you know playing out that card he says if people want crypto to become more of a mainstream asset then i think regulation is a necessary first step uh and and jolly certified financial planner certified public accountant and founder of fit advisors previously told cnbc make it however cryptocurrency supporters are weary of further regulation they worry about a certain regulatory framework that may stifle crypto innovation in the u.s and push businesses overseas see this is why i really wanted to talk about this because we always are looking to the future here and be ngb the gang and you know what bitcoin being at 57 000 that's a good thing for bitcoin that's really great for everyone who's trading it everyone who's involved with it but you know i want to put the people on i want to let them know what's going on and everything so we're going to be wanting to look in the future and see like is the guy like jp morgan right you know because he's a very very smart intelligent man especially when it comes to finances jp morgan if not the number one it's definitely one of the top five top ten hedge funds in the world people so he this is the type of guy that you listen out for you know what i'm saying and you know here on the channel if if we've got somebody of high stature who's shown what they can do in these markets then we listen to them we don't always agree with them but we listen to them so that's what we're going to want to look at in the future for all my guys holding bitcoin you're going to want to watch out for this you know you're going to want to watch out for this regulation who knows uh i obviously i don't think the us would go as offensive as china went but who knows maybe if bitcoin gets hit by a lot of regulations a lot of regulations start coming into the cryptocurrency market it may not be able to thrive in the way that it is now and maybe your bitcoin investment won't be as big now i'm not saying sell your bitcoin aren't saying anything like that but that's things that we're gonna have to consider now it says bitcoin is currently trading at around uh 57 500 according to the coin market cap with a market value of more than one trillion so i hope you enjoy your day have a great day people you know definitely look at your bitcoin portfolio i'm not saying grab any of that off or anything like that or shorten your position or anything i'm just saying let's be aware here you know with our investments and a lot of fundamental policy can have a play now you know i'm a very technical person i trade the forex market and i trade it primarily just based off the charts news doesn't really affect me too much but uh i do understand that fundamentals can play a big part in this game and fundamentally the us government starts to hold regulations on bitcoin it's going to have a hard time growing and we're going to start to see a change in that price to the downside if it happens so let's just be watching out for it hope you guys all have a great day thank you for the all the love you guys have shown the channel lately i love it people goodbye
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