Recently JPMorgan shared its outlook about cryptocurrencies which was quite upbeat in comparison to past skepticism reflected in statement provided by CEO, Jamie Dimon. Let us go through the details in the following sections.
JPMorgan – Bitcoin Will Not Disappear
Many banks and experts have been pessimistic and have expressed their doubts about future existence of cryptocurrencies. But, JPMorgan has shown optimism by saying that it expects cryptocurrencies to continue attracting investments, especially from people who are skeptic of regulated and centralized markets.
However, JPMorgan added that cryptocurrencies need to overcome their flaws as well as other considerations which work as hurdles in widespread adoption of cryptocurrencies.
JPMorgan added, “it is unlikely that cryptocurrencies will completely disappear and most probably, will be able to survive in different shapes and forms among people who are looking for anonymity and higher amount of decentralization.”
Let us go through some of the other details which were shared in this 71 page report.
Center of Attraction will be Blockchain
According to JPMorgan, blockchain has the real potential in terms of tracking and storage. Moreover, blockchain ensures that there is complete encryption of data as well as access to such data, which presently is in great demand.
JPMorgan also believes that blockchain will be able to assist banks in different areas ranging from trade finance to transparency and different payment systems.