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JP Morgan says that cryptocurrencies are here to stay. Although many of the financial institutions believe that cryptocurrencies are not long-term phenomena, the truth is that institutions like JP Morgan are clearly stating that cryptocurrencies are here to stay. This is according to an internal company report.
According to the JP Morgan report, cryptocurrencies would continue to face this volatility. Furthermore, the ecosystem will move around the blockchain technology for a long period of time and the blockchain technology loopholes would be filled.
This is in stark contrast to the company's public views on cryptocurrency. Several executives, including the company's CEO, have clearly stated that they believe cryptocurrencies are actually frauds. However, the internal relationship has a completely different opinion.
Cryptocurrencies would not disappear anywhere
According to the report, cryptocurrencies would not disappear anywhere. They would continue to prosper and investors would invest in it for decentralization. Furthermore, it would continue to evolve with the help of peer-to-peer networks and the anonymous nature of cryptocurrencies.
JP Morgan acts hard against most cryptocurrencies. Previously, he banned the use of his credit cards to buy cryptocurrencies. This is the reason why the intermediate relationship of the company is directly different from the public opinion of the company.
It remains to be seen whether the public opinion of the company will change over time in order to support cryptocurrencies.
Many investors are also losing confidence in cryptocurrencies due to increased volatility. It remains to be seen when the next upward trend begins, investor confidence returns or if investors keep themselves away from cryptocurrencies. With a capitalization of billions of dollars, most cryptocurrencies are too big to fail. This is why even though they may remain stagnant for a long period of time they are here to stay.
Many investors retain cryptocurrencies longer. This is why they are not liquidating even after the recent collapse of cryptocurrencies. These are the investors who invest the most every time the cryptocurrencies fall. This is why it is able to get the media at the lower levels. It remains to be seen how strong the next upward trend is, whenever it starts.
