Masters, a former JP Morgan trader, says Bitcoin’s breakthrough is just beginning

A former JPMorgan trader recently angrily criticized his former boss and said that Bitcoin's breakthrough has just begun.

"I think Jamie Dimon has not been open-minded enough and has failed to face up to the contributions made by digital assets." Daniel Masters "criticized" the CEO of JPMorgan Chase, who has repeatedly criticized Bitcoin.

In an interview with CoinDesk, Masters, who is the director of Global Advisors Bitcoin Investment Fund, also "exposed" JPMorgan Chase's "two faces" towards Bitcoin - on the one hand, the CEO angrily denounced "whoever trades will be fired", while on the other hand, JPMorgan bought Bitcoin for its clients.

While Dimon is criticizing cryptocurrencies, JPMorgan is buying Bitcoin for its clients. They should either support Bitcoin and their clients who want to buy it, or stop talking about it like fools. What they are doing is so un-institutional.

Wall Street Journal previously mentioned that Dimon said in September that any trader who trades Bitcoin should be fired for being stupid.

Masters believes that the current low valuation of cryptocurrencies compared to other asset classes is a big opportunity. The total market value of all digital assets that can be traded is less than the market value of one of the world's 100 stock giants, which means that digital assets still have room for growth.

In addition, the cost savings of using cryptocurrencies to access global open source financial platforms can make it impossible for large technology companies to promote their proprietary technologies to effectively compete. In this case, it may be understood how great the potential of the "digital economy" is.

He added that the key is the development of new tools that are challenging the role that money and gold have always played - and it is Bitcoin that is launching that challenge.”

Masters said that the technology of digitization and tokenization gives Bitcoin the potential to have the same traditional assets as currencies, precious metals, commodities, stocks and bonds. "Once these assets are tokenized on the blockchain, they will be smarter because they can be written like computer code."

Bitcoin once broke through $4,900 during yesterday's trading session. As of press time, the price of Bitcoin against the US dollar was 4,730, down 0.41%.