J. P. Morgan Report: Bitcoin "Vastly Inferior to Fiat Currencies"
Global FX Strategy analyst John Normand at J. P. Morgan has published a report on bitcoin, and it's probably the most positive piece you'll read on the digital currency. "At the risk of sounding like a luddite, bitcoin looks like an innovation worth limiting exposure to," says Normand in the report. "As a medium of exchange, unit of account and store of value, it is vastly inferior to fiat currencies. Since governments are quite unlikely to accord it the status of legal tender, bitcoin or other virtual currencies would not reach the scale and scope to render them worthwhile for widespread....
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Released on 11th February, a new report by US-based multinational financial services company JPMorgan issued a sharp critique of bitcoin and other digital currencies. The eight-page report, authored by the company's head of global FX strategy, John Normand, aimed to present the "risks and opportunities" posed by bitcoin. However, throughout the text, Normand puts much of his focus on the former category. Most notably, Normand suggests that bitcoin is "vastly inferior to fiat currencies" on several counts, and that it is unlikely to ever be afforded the status of legal tender by world....
Decentralized, math-based currencies can provide a framework for autonomous banking. To the average person that may not mean much, but to some the concept is enthralling. Controlling money outside of incumbent systems is particularly exciting to cyberpunks and crypto-libertarians, yet the banks will, at some point, be working closely with bitcoin. A future where cryptocurrencies are a mainstream financial technology will likely depend on it. Here are three different banks, with very different stances on bitcoin, that reveal just how contrasting the financial industry can be. JP Morgan. The....
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A new Morgan Stanley report aimed at assessing whether blockchain is a threat to big banks agues that the short-term benefits of the technology are likely minimal, but that future growth is likely. Published yesterday, the report features a timeline of when Morgan Stanley predicts certain blockchain milestones will be reached. Culminating in 2025, Morgan Stanley identifies 10 roadblocks to banks integrating blockchain. However, the report includes language that suggests the global investment bank may be seeking to understand how blockchain tech may impact its portfolio or perhaps its own....
Major investment bank Morgan Stanley believes that central bank digital currencies are not a threat to the existence of cryptocurrencies. The bank believes that both types of digital currencies can coexist because they serve different purposes and have different appeals. Cryptocurrencies and CBDCs Can Coexist Morgan Stanley’s analysts, including chief economist Chetan Ahya, discussed the impact of central bank digital currencies (CBDCs) on bitcoin and other cryptocurrencies in a report published last week. They wrote: Cryptocurrencies will still exist, as they continue to serve other....