JP Morgan Analyst Calls For Wall Street Foray As Bitcoin (BTC) Stabilizes At $3,400
JP Morgan has become an unpopular name in the crypto industry as of late. Per previous reports from Ethereum World News, a recent research paper released by the New York City-headquartered firm claims that its analysts have “long been skeptical” of the inherent value of cryptocurrencies in nearly all environments, save for “dystopian” societies rife with distrust for centralized financial intermediaries. JP Morgan’s analysts added that for the most part, Bitcoin (BTC) is displaying “bubble-like properties,” which are especially reminiscent of technology stocks in the late 90s and at the turn of the millennia.Yet, while the Wall Street analyst was hopeful, he was wary to claim that institutions are right around the corner, so to speak. In fact, Panigirtzoglou commented that as it stands, regulators are the dam holding back a mass of water (institutions), as they may be “slow to realize.”
But, Tilly made it clear that at current, not only are regulators shuffling their feet, but institutions are too. This has only been underscored by moves (or lack thereof) enlisted by Coinbase and Blockchain. The two industry powerhouses recently dropped hires from Wall Street, as they pivot away from servicing bigwig banks to crypto-centric hedge funds.