I'm not so sure about that. Firstly, you have to consider time frames. Novogratz predicted last month that Bitcoin would end the year around $10,000. So for all I know, he expects a significant correction from this latest leg of the rally.

Also, JP Morgan seems to be pivoting quickly. They said a few days ago that Bitcoin could join Gold as a reliable, long-term way to store wealth, suggesting that it would become a traditional asset class. Jamie Dimon may not like it, but I don't think he wants Chase left in the dust by other banks. Goldman Sachs announced today that they are planning to clear bitcoin futures for clients as new contracts go live in the coming days. Bank of America just won a patent for a cryptocurrency exchange system.

The banks are waking up, and it seems like they want a piece of the action more than anything else.....