Many financial consultants claim that cryptos will not bring about the expected economic revolution. But institutions like JP Morgan confirm that they are here to stay. This according to a recent company report.
What the report reflects is in contrast to the company’s public opinions regarding cryptos. Executives like Jamie Dimon, CEO, have said “that cryptos is a fraud”.
According to the report, cryptos will continue to face high volatility and be based on blockchain platforms in the coming years. However, they wouldn’t disappear anywhere. They will continue to prosper and investors will invest in it for decentralization. Furthermore, it would continue to evolve with the help of peer-to-peer networks and the nature of an anonymous ecosystem.
JP Morgan: From Sayings to Facts
JP Morgan has taken tough measures against the cryptocurrencies. Last week, you banned the use of your credit cards to buy cryptocurrencies – is this and the CEO’s opinion the reasons why the report is contrary to the company’s public opinion?
It remains to be seen whether the public opinion of the company will also change in due course to support the cryptocurrencies. Many investors are also losing confidence in cryptos due to the high volatility evident in recent months. The only thing left to do is to wait for the next uptrend to see if investors’ faith will return.
With market caps in the billions of dollars, most cryptocurrencies is too big to crumble. This is why although they may remain stagnant for a long period of time, they are here to stay.
Many of the investors do not leave their crypto-investments. Which is why they’re not paying off even after the recent falls. These are the investors who are also investing more and more as cryptocurrencies falls. This is why this market is able to remain stable at lower levels. It remains to be seen when the next uptrend will be.