Bitcoin will continue to exist only as a speculative asset, according to JPMorgan
Analysts at the financial holding JPMorgan Chase believe that during the March financial crisis, bitcoin has established itself as a sustainable asset, but in terms of stability and usefulness, it is still far from gold and fiat.
In a note to investor clients dated June 11, bank analysts said that recently, the MTC has changed the status of an uncorrelated asset to an instrument whose exchange rate is more or less dependent on the stock market, which allows better prediction of its dynamics. The JPMorgan team also notes an increase in bitcoin liquidity and high stability in a crisis.
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In addition, a distributed document said that after a major fall in prices in March, the cryptocurrency was able to recover much faster than other asset classes. At present, its indicators are above the average level of the last 12 months, which cannot be said about traditional instruments.
Based on this, the bank’s researchers concluded that the PTS successfully passed its first stress test and proved to be a speculative asset. However, it never became a digital analogue of gold or a safe haven for investors during a storm in the market, so it is unlikely that he will expect future success as a means of saving or exchange.
The speculative nature and high level of risk in the bitcoin market can contribute to a significant increase in its rate, which, according to Bloomberg analysts, may exceed $ 20 thousand by the end of the year.