Debunking JPMorgan's Arguments Against El Salvador's Bitcoin Adoption
The big bank recently said the Central American country's move is "problematic," here's why they are wrong.JPMorgan analysts have shared their views on the adoption of bitcoin as a legal currency in El Salvador, reported Market Insider. The bank portrays the move as a "problematic experiment," demonstrating a high-time preference rationale and a profound lack of understanding of Bitcoin and its incentives."El Salvador's ill-conceived experiment should not be critical for the future of bitcoin or cryptocurrencies," the analysts said. "Crypto markets suffered from El Salvador's glitches this....
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JPMorgan has offered its view on the bitcoinization of El Salvador, the country which recently made bitcoin legal tender alongside the U.S. dollar. JPMorgan says, “It is difficult to see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender.” JPMorgan on the Bitcoinization of El Salvador JPMorgan & Chase’s Latin American research team published a report titled “The Bitcoinization of El Salvador” Thursday. El Salvador recently passed legislation making bitcoin legal tender alongside the U.S. dollar. The JPMorgan....
Daily payment activity in El Salvador would represent more than 1% of the total value of BTC that have been transferred between wallets in the past year, JPMorgan experts say. American megabank JPMorgan has continued criticizing El Salvador’s declaration of Bitcoin (BTC) as legal tender, warning of the potential risks for both the country and the cryptocurrency.A JPMorgan expert group led by economist Steve Palacio released a report suggesting that El Salvador adopting BTC as legal tender could put strain on the Bitcoin network, Bloomberg reported Sunday.The experts said that Bitcoin is....
How embarrassing! As more details about JPMorgan ’s “The Bitcoinization of El Salvador” report come to light, the reality of the situation settles. Traditional organizations don’t have a clue that the Lightning Network exists and is up and running. More so, Bitcoin is legal tender in El Salvador because and only because El Zonte is […]
JP Morgan says that El Salvador's decision to adopt Bitcoin as legal tender is of little economic benefit. JPMorgan is the latest source to respond to El Salvador’s decision to adopt Bitcoin (BTC) as legal currency within the country.In a client note tweeted by @DocumentingBTC, the United States banking giant stated that there was little economic benefit to El Salvador adopting BTC as a parallel legal tender to the U.S. dollar.JP Morgan on El Salvador adopting #Bitcoin Notice the last line... pic.twitter.com/5hl0kR9WB0— Documenting Bitcoin (@DocumentingBTC) June 11, 2021 On Thursday, El....
The reduction of the remittance cost seems to be the major reason for the adoption of Bitcoin by El Salvador. CABEI has recognized that remittances are a vital feature of El Salvador’s BTC adoption policy. Central American Countries May Adopt Bitcoin After El Salvador Recently, it was reported that the expectations of the RDB (Regional […]