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JPMorgan: Cryptocurrency is unlikely to disappear

Ambiguous predictions JPMorgan bitkoinam saved. The leading US bank, specializing in assets, issued the so-called bitcoin-bible for investors. In it, the authors acknowledge that the Crypto-currency will not go anywhere, but at the same time they warn investors about a significant reduction in the price of BTC (more than 50 percent). Jamie Daymon, JPMorgan’s general manager, showed his aversion to bitcoins, giving rise to loud headlines for months. We hope that they have all the resources and information to create a guide. The Bitcoin Bible contains 71 pages about cryptography and covers a wide range of topics: from bitcoin technology to crypto currency usage options, mentioning the obstacles that investors may face. Analysts JPMorgan additionally published a detailed report that the cost of bitcoin will drop to $ 4.605, and this is almost a 50-percent drop from the current bar of 8 727 dollars.

 

Bitcoin-Bible

Probably the most frank statement in the bitcoin-bible is the understanding by the bank that the crypto-currencies will not disappear anywhere. It is written there:

“Crypto currency is unlikely to completely disappear and can easily survive in different conditions and forms among investors who require greater decentralization and anonymity, use peer-to-peer networks, even if anonymity itself is under threat.”

The “Bible” also points to the crypto currency as a diversification point for investment portfolios, for example, for an uncorrelated asset of shares and bonds. This point of view helps to strengthen the crypto-currencies in the market, for example, the 401 (k) plan in the United States.

It is reported that there are barriers to bitcoins and other crypto-currencies competing with hard currencies, for example, the euro and the yuan are the main competitors. Bitcoin is more valuable capital than a currency that can be spent.

The bank also accepts the blocking technology that Dimon himself advertised as “real”, and it increasingly penetrates into the internal divisions of the bank. JPMorgan in the bitcoin Bible indicates the advantages of a distributed book for speeding up payments, mentioning “tokens or financing systems for other innovations in the blockbuster and the Internet.”

 

Analyst Warning

Despite positive reports on bitcoins, JPMorgan analysts also made a warning call in the form of technical analysis, informing investors that the price of BTC tends to a huge drop to a level of $ 4,605 ​​compared to its current price of more than $ 8,700, reflecting a decline almost half.

“The question is whether it will fall to this value immediately or at a later stage after a heavy confrontation,” the analyst said in a Business Insider report.
But analysts JPMorgan, which are still “impressed” by the restoration of the price of bitcoins after the recent depressions, suggest that the fate of bitcoin has not yet been determined. If the cost breaks the current bar, marked in the above range, the cost of bitcoins can recover to a range from 14,334 to 16,304 dollars.

 

Ambiguous signals

JPMorgan is not the first time sending ambiguous signals both on Wall Street and in the crypto currency community of bitcoins. Jamie Daymon, chief executive officer of JPMorgan, known for his allegations of fraud in bitcoins, has already changed his mind. Later, he expressed his regrets about the past intolerance.

JPMorgan also turned to institutional capital, much of which is kept away from the crypto currency, as an oversight of the crypto-currencies in the mainstream. Hedge funds mention 175 crypto-currency funds on the market, but assets have not yet overcome the lower threshold.

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