The analysts have predicted that for most days market will show no price increase and finally, the bitcoin price will drop down $1,260. The major investments banks are not going to making any profits above all the true values of cryptocurrencies are unproven.
JP Morgan is one of the largest financial holdings companies in the world founded in the year 2000, also the second valuable bank by market capitalization in the world. Last year bitcoin lost its value by three-quarters of its true price value. The analyst also mentioned that the situation of cryptocurrency will make no major difference or profit to the banks.
While the Davos claim that there are ten reasons that bitcoin price cannot be laying down in the market for the upcoming days. The first reason being decentralization, and also, it is the largest public key cryptography. Secondly, it is not a real currency, it is digitalized money. Finally, it is not a blockchain, but blockchain is a part of the bitcoin network and technology.
But on the other hand, CEO of JP Morgan Jamie Dimon is not much convinced and is critical of cryptocurrencies like Bitcoin, which he had called a “fraud” in September 2017, as mentioned on Cointelegraph.
While in CCN reports that bitcoin price has proven itself through the technology designed which also records or maintains the records of the public, the digital ledger of accounts and transactions on each node. Bitcoin is a digital currency that cannot be duplicated like the fiat currency. Decentralized virtual currency cannot stop the virtual currency use.
The analysts from the major global investment bank think that the true value of cryptocurrency is still not proved and also mentioned that they only make sense in a hypothetical “dystopian” event.
The analyst also showed negativity describing that due to virtual currency investors are losing faith in gold and US dollars. The analyst also stated, “Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging [than cryptocurrencies].”[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]