It is too early to say that the Bitcoin rally is over. It's actually still in its early stages. Bitcoin upward impact will continue, it's just a matter of time and we can see it for ourselves in 2024. JP Morgan may be trying to stop Bitcoin users optimism and hope they abandon it. However, the more he emphasizes the downside the more everyone realizes how important Bitcoin ownership is right now. I think it's fair to support opinions in the midst of an imminent drop in value to create negative speculation and take advantage of people offloading Bitcoin at a cheap price.
The crypto system is an existential threat to nation state currency as well as to the fractional reserve banking system and to their enablers. It is incompatible with fractional reserve banking. The crypto system is based on a transparent record of truth, captured forever in a giant record book, and on value that exists today. The fractional reserve banking system is intrinsically dishonest: bankers will tell you that your money is both safely in the bank and, at the same time, they are lending it out to others. They will tell you that it is your money while, legally, it belongs to the bank and they can do what they want with it.Only one of these two systems can survive. They cannot co-exist together in the long-term. They are not going to be best friends, give each other warm hugs, and talk about a win-win paradigm. Their values are completely contradictory. Expect the banks and their enablers to continue to be relentless and underhanded when attacking the crypto system. To be blunt: if the crypto system can link to the real economy and challenge the core banking of deposits and lending, it will replace fractional reserve banking in the next decade and benefit all crypto firms. If not, it will remain a niche movement.
