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JPMorgan predicts fintech’s heyday | Cryptocurrency.Tech

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 real story of COVID-19 is fintech innovation and increased demand for digital services, which have pushed digital platforms to add payment and credit services,” they said.

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.”

Financial holding analysts have criticized Bitcoin for its volatility before. In their opinion, this serves as an obstacle for corporations to place liquidity reserves in cryptocurrency.

Earlier, JPMorgan expressed its willingness to support the first cryptocurrency trading if there is demand from customers.

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