El Salvador Bitcoin move will put pressure on network: 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....
Related News
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....
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 […]
JPMorgan struggles to “see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender.” Commenting on El Salvador’s bitcoinization, JPMorgan did not rule out that the country’s move to make the cryptocurrency legal tender may be “the beginning of a broader trend among similarly situated, smaller nations.” JPMorgan’s Opinion on Bitcoinization in El Salvador Investment bank JPMorgan released a report Friday titled “The Bitcoinization of El Salvador.” The country’s congress passed the bill making....
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 big bank recently said the Central American country's move is "problematic," here's why they are wrong.