JPMorgan Predicts More Crypto Adoption in 2022, Argues Bitcoin’s Status as Store of Value. The investment bank also rates the crypto exchange Coinbase a buy.
JPMorgan Predicts More Crypto Adoption In 2022:
JPMorgan research analyst Kenneth Worthington wrote in a note to clients Friday. That this year the crypto markets and industry are prepared for massive acceptance from mainstream investors, and companies.
Furthermore, JPMorgan foresees 2022 has the potential to be the year of the blockchain (managing greater interoperability of various chains) or the financial tokenization year.
In the context of bitcoin JPMorgan said that “it is particularly well designed as a modern store of value. And the strong design has contributed to the increased confidence in, and value of bitcoin.”
Secondly, as per Worthington,
However, it is not enough competitive as other stores’ value, such as gold, given its limited history.
Moreover, bitcoin’s skyrocketed volatility likely will not show it as a good currency since that could undermine the digital currency as a medium of exchange. Also, as a unit of account, and as a standard for deferred payments, the other recognized operations of money. But volatility issues will not become a boundary in its rising value. He said further.
Further, Worthington wrote that Coinbase crypto exchange is yet a buy. For the investors. Because the company is a beneficiary for the growth across the crypto industry. Prior to this week, Goldman Sach stated to the clients that:
“Hypothetically, if bitcoin’s share of the ‘store of value’ market were to rise to 50% over the next five years (with no growth in overall demand for stores of value). Its price would increase to just over $100,000, for a compound annualized return of 17-18% (accounting for growth in bitcoin supply over time).”
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