Covid-19 accelerated innovation in the Fintech area and Bitcoin is only an “economic side show,” says JPMorgan
- JPMorgan analysts recommends forgetting Bitcoin, because the real story of Covid-19 is innovation in fintech and digitization.
Analysts of one of the most reputable investment banks, JPMorgan, have presented their views on the current situation in the Bitcoin market.
Analysts have been quite critical in this case, saying that despite “Bitcoin’s monster rally”, there are a number of factors and problems that can prevent BTC from becoming a mainstream asset.
In an official report reproduced by CNBC, analysts first acknowledged that bitcoin prices were rising meteorically due to the announcement of large companies such as Tesla, BNY Mellon and Mastercard.
However, they subsequently added:
But fintech innovation and increased demand for digital services are the real Covid-19 story with the rise of online start-ups and expansion of digital platforms into credit and payments.
As for Bitcoin, they called it an “economic side show” compared to real fintech innovations.
After all, although JPMorgan analysts are skeptical of Bitcoin, some strategists in their ranks say BTC could eventually climb to $ 146,000 because it currently acts as a competitor to gold as a hedge against inflation during this crisis.
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