Jp morgan argues bitcoin only valuable in a ‘dystopian’ environment
In a note to clients published last week, JPMorgan analyst Jan Loeys poured cold water on Bitcoin’s value proposition. Loeys, who is also JPMorgan managing director said that the top-ranked cryptocurrency would only have real value in a dystopian situation.The JPMorgan analyst says that there are easier to use instruments with greater liquidity for investors to call upon in such times. Admittedly, printing money out of thin air and using it to bail out insolvent banks would indeed be much simpler for JPMorgan.Commenting further, Loeys opined that the prolonged cryptocurrency bear market makes Bitcoin an unsuitable haven asset. This assertion comes even as there is a consensus among analysts on the absence of correlation between BTC $3463.17 +0.2% and traditional assets.