JP Morgan: Bitcoin Would Only Make Sense in a Dystopian Scenario

JP Morgan has continued to bash bitcoin and cryptocurrencies, saying the worth of them continues to be unproven and that will probably be at the very least one other three to 5 years earlier than blockchain know-how makes a distinction to the banking sector. 

Additionally learn: Jamaica Inventory Alternate Plans to Listing Safety Tokens

‘A Dystopian Scenario’

America’s largest financial institution has reaffirmed that it’s nonetheless skeptical of cryptocurrencies. JP Morgan stated that such belongings would solely be of any worth in a “dystopian state of affairs” the place buyers misplaced religion in gold, the greenback and the worldwide funds system, in response to Reuters. “Even in excessive eventualities similar to a recession or monetary crises, there are extra liquid and easier devices for transacting, investing and hedging,” the financial institution was quoted as saying.

The Manhattan-based agency stated it could nonetheless be years till blockchain know-how…

Read full story