Positive Ethereum forecast: JPMorgan in talks with ConsenSys on the merger
Wall Street giant JPMorgan has sent mixed signals regarding its considerations about cryptocurrencies, as the bank's CEO has frequently criticized Bitcoin and other cryptocurrencies, despite having its own internal bank based on the Ethereum (ETH) blockchain digital facility called JPM Coin.
Now it seems the JPMorgan may be extending its feelers towards the Ethereum ecosystem, as news has recently been released that the financial institution plans to merge its blockchain unit with ConsenSys. Analysts believe this potential merger would be extremely optimistic about Ethereum's price action.
The upcoming merger, announced in a recent Reuters report, is expected to be formally announced in the next six months. Details of this event are still unclear.
It is important to mention that JPMorgan's blockchain unit – called Quorum – builds on the Ethereum network, which ConsenSys – which is led by Ethereum co-founder Joe Lubin – is one because of its strong involvement in the Ethereum ecosystem obvious merger target.
Ethereum is currently traded at its current price of 252 and could increase significantly in the last 24 hours.
How bullish is this news for ETH?
Although the current cryptocurrency exchange rate is unlikely to be affected by this news due to the lack of details, analysts believe that ETH will experience a strong bull market in the long run.
Satoshi Flipper, a prominent crypto analyst on Twitter, said in a recent tweet that this merger could be JPMorgan's attempt to increase its presence in the blockchain world.
“So why is that so optimistic for #Ethereum? Because money is king and JPMorgan has a lot of it. With the upcoming release of 2.0, JPMorgan could wish for a stronger presence in the blockchain arena of companies. And #Ethereum is a quick ticket to get there, ”he said, referring to the news report.
So why is this so bullish for #Ethereum?
Because cash is king and JPMorgan has much of it.
With the pending release of 2.0, JPMorgan could desire an increased presence in the enterprise blockchain arena.
And #Ethereum is a quick ticket to get there.
– Satoshi Flipper (@SatoshiFlipper) February 11, 2020
Proof of text: newsbtc