JP Morgan Analysts: Bitcoin Price May Fall Below $ 1260
JP Morgan: Bitcoin Price to $1260!
JP Morgan analysts predict, that bitcoin rate will drop to $ 2400, and if the bear market persists, it may fall below $ 1260, noting the complexity of use and dubious benefits of virtual currencies.
According to experts of the largest investment bank, the value of cryptocurrency technologies still has not been proven, and they can only become in demand in a dystopian future, in which investors will become disillusioned with traditional assets. Analysts believe that even in times of economic crisis or downturn, there are more liquid and less complex instruments for investing, hedging.
JP Morgan also claims that over the past six months, the number of institutional participants in the crypto market has dropped significantly, with a large share now owned by a small group of traders. Adding that the use of virtual currency in payment transactions as no major retailer has ever started accepting it.
In addition to the further market decline, analysts also touched on the prospects for distributed ledger technologies. In their opinion, blockchain will really help banks to reduce costs and increase the level of their digitalization, but this will become possible no earlier than in 3-5 years..
However, it appears that Dutch financial conglomerate ING Group is oblivious to peer predictions as it recently signed an agreement with blockchain consortium R3 for unlimited use of the Corda platform for five years..
text: Ivan Malichenko, photo: i.ytimg