The analysts of JP Morgan return once again with their hackneyed rhetoric to hunt fools in the crypto space with technical reports that do not apply to the reality of the cryptocurrency market and this affirmation is based on similar situations by the American giant. documented his failures in this space have been.
In this opportunity the 'analysts' of JP Morgan has declared that the value of the criptmonedas is not proven and that the underlying technology that drives them, the chain blocks, is over declared in an exclusive report (paid?) By Reuters.
According to Morgan, Blockchain technology will have no impact on banks for at least three to five years, analysts said. In the same sense of hardness, he said that virtual and decentralized currencies only make sense in a dystopian world, which is separate from the usual negotiations with investors who lose their faith in traditional investment vehicles such as gold, the US dollar, the reserves of assets and the global financial system in general.
However it is worth noting that this rhetoric of both JP Morgan and its executives we have heard before in this same context, and then contradict themselves after bullish prices are observed to boost them as high as possible and thus obtain higher returns.
No wonder that the change of rudder in this opportunity is for an attempt to channel efforts to further lower the price of Bitcoin before the resumption of the SEC to decide on several ETFs put on the table that could achieve in case of approval the flow of institutional money with the consequent upward rally of the crypto market.
Analysts also opined about the prices of Bitcoin, which currently quotes at $ 3600 and predict that it will have a support of $ 2400 and, if the current prolonged bear market continues, the leading currency could fall according to its predictions to $ 1260.
According to JP Morgan, "even in extreme scenarios, such as a recession or financial crisis, there are more liquid and less complicated instruments to carry out transactions, investments and hedges."
JP Morgan analysts said that financial institutions have gone out of the market in the past six months as the bear market persisted, using BTC's futures trading volume as a proxy.
Asset managers still fear volatility, the threat to security and the risk of cryptocurrencies incorporating it into their portfolios, despite recent advances and controls that isolate the virtual currency industry.
Payments have been an area of focus for several cryptos, with several first-tier currencies like XRP being promoted as the pillar of payment of the virtual currency world. Analysts said the goal of crypt payments will be 'challenged' as large retailers do not accept these types of payments.
JP Morgan's negative attitude towards cryptocurrencies is nothing new, CEO Jamie Dimon is more popularly known as the 'Bitcoin destroyer' for his open criticism of cryptocurrencies. In 2017, he called Bitcoin a 'fraud' and would eventually crash to zero, which has not happened since then. Dimon declared that it admits a "crypto fiat" that is digital and is linked to an existing currency, but does not admit cryptocurrencies because "they do not have real value".