{"id":264,"date":"2014-05-17T02:05:00","date_gmt":"2014-05-17T02:05:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/george-soros-sells-out-of-jp-morgan\/"},"modified":"2022-03-03T17:31:53","modified_gmt":"2022-03-03T15:31:53","slug":"george-soros-sells-out-of-jp-morgan","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/05\/george-soros-sells-out-of-jp-morgan.html","title":{"rendered":"George Soros sells out of J.P. Morgan, Bank of America, Citigroup …. time for Bitcoin?"},"content":{"rendered":"
<\/a><\/div>\n
<\/div>\n
(BitcoinOwl<\/a>) According
\nto several news sources billionaire George Soros recently sold nearly
\nall of his bank stocks, including shares of JPMorgan Chase, Citigroup,
\nand Goldman Sachs. Between the three banks, Soros sold more than a
\nmillion shares. Billionaire John Paulson dumped 14 million shares of
\nJPMorgan Chase (appr. 750 million dollars). Other billionaires are pulling out of US stocks<\/a> too.<\/div>\n
\n
\n
We can only speculate about the reasons why this is happening but
\nsurely there is a growing discomfort about the all time high levels of
\nstock market prices. Some are expecting a massive correction. Even if
\nthere is no good reason for it, fear could make such predictions<\/a> a
\nreality.At BitcoinOwl we of course speculate that the growing success of
\ncrypto currencies and their promise to revolutionize the financial and
\nother systems could be a factor as well. Just like email threatened the
\nbusiness model of the postal services and file sharing scared the music
\nlabels, crypto currencies without a doubt cause some anxiety to
\nfinancial institutions who see Bitcoin as a competitor instead of an
\nopportunity to reinvent themselves.<\/p>\n

It may take years before Bitcoin makes any noticeable dent in
\nCitigroup’s profits, but Bitcoin’s existence alone raises some
\nuncertainty about the future of such financial institutions and their
\nprofit margins. Some players like Western Union have already been forced
\nto drop their fees drastically in response to Bitcoin’s extremely low
\ntransaction fees.<\/p>\n

The question is where does all that money pulled out of the stock
\nmarket will go? Many investors like Kevin O’Leary publicly said that
\nthey’ve put a few percents of their money into Bitcoin already. His
\nBitcoins were without a doubt his best performing asset in 2013. It’s
\nlikely that most billionaires pulling out of the stock market will put a
\nsmall part of their wealth into crypto currencies as it’s highly
\nindependent from other assets which is important for healthy
\ndiversification.<\/p>\n

Let’s just see how much money are we talking about. Let’s assume only
\na fraction of those stock dollars will be funnelled into cryptos. Half
\npercent of NYSE’s total market cap is 83 billion dollars.<\/p>\n

If 70% of that 0.5% would flow into Bitcoin it would increase BTC’s
\nmarket capital 7 fold raising the price of Bitcoin to over $5,000. If
\n10% of it went to Litecoin it would increase LTC’s market capital by 13
\ntimes raising the price to $325. And we’re talking about just 0.5% of
\none stock exchange in the world.<\/p>\n

Potentially it is also possible that the crash of stock market prices
\nwill scare crypto currency investors too. Although, it’s hard for me to
\nfind a plausible reason why this would happen.<\/p>\n

It will be interesting to see how the predicted decline in the stock
\nmarket will influence the valuation of the popular crypto currencies.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(BitcoinOwl) According to several news sources billionaire George Soros recently sold nearly all of his bank stocks, including shares of JPMorgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares. Billionaire John Paulson dumped 14 million shares of JPMorgan Chase (appr. 750 million dollars). Other billionaires are pulling […]<\/p>\n","protected":false},"author":1,"featured_media":843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,468,679],"tags":[764,1126,1332],"yoast_head":"\nGeorge Soros sells out of J.P. 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