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JPMorgan urged to forget about bitcoin in favor of fintech

The first cryptocurrency is nothing more than an “economic attraction”, and the main result of the COVID-19 pandemic will be the flourishing of fintech. This point of view was presented in a new report by analysts of the financial holding JPMorgan, writes CNBC

“The true story of COVID-19 is fintech innovation and increased demand for digital services that pushed digital platforms to add payment and credit services.”, – experts emphasized.

Experts expect increased competition between fintech and traditional banks, as the latter are increasing investments to bridge the technological gap and lobbying for restrictions at the legislative level. JPMorgan believes that financial institutions are more likely to win in this fight due to their vast deposit base, risk management and regulation.

Experts have noted the unresolved problems of the first cryptocurrency, which may prevent it from becoming a popular asset, despite the impressive rally in recent weeks.

Analysts allowed Bitcoin to rise to $ 146,000 amid competition with gold as insurance against inflation.

They added that the implementation of this prediction depends on the volatility of the first cryptocurrency. Its value should decrease to the indicator of the main precious metal, which can take years. Otherwise, the bitcoin price will remain “volatile”.

JPMorgan has questioned the ability of cryptocurrencies to diversify investment portfolios, calling them a “failed hedge.”

Recall that analysts of a financial holding company have criticized bitcoin for its volatility… In their opinion, it is an obstacle for the placement by corporations of liquidity reserves in cryptocurrency.

Earlier in JPMorgan expressed readiness support the first cryptocurrency trading when there is demand from customers.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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