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By CCN.com: Contrary to the statements of its chief executive, Jamie Dimon, who kills crypto-currencies, JP Morgan finally admitted that bitcoin had a value, although in the unlikely event that the world would fall into a type dystopia "Bird box".
If "Bird Box" becomes reality, JP Morgan could recommend Bitcoin
In a note to clients distributed this week, JP Morgan chief executive and badyst Jan Loeys said that bitcoin would only be a useful badet if investors around the world suddenly lost confidence in major currencies and traditional values. , including precious metals.
Loeys wrote:
We have long been skeptical about the value of cryptocurrencies in most environments other than a dystopian environment characterized by a loss of confidence in all major reserve badets.
Outside of an apocalypse, the JP Morgan badyst said it was hard to imagine cryptocurrency as a better economic hedge than other alternative badets.
"Even in extreme scenarios such as a recession or a financial crisis, there are more liquid and less complex instruments for making transactions, investments and hedges, partly because of the scale offered by the legal auctioning status of fiduciary currencies, "said Loeys, pointing out that the cryptocurrency market had not outperformed traditional financial markets during previous periods of economic uncertainty such as summer 2015 and February 2018.
However, Bitcoin has grown during one of the most impressive upward races in the stock market in history. He has never had the opportunity to stand out during a real economic downturn. Maybe the bears are right and this test will also fail, but it's unfair to extrapolate excess Bitcoin underperformance in a few short-term misses in a much longer rally.
Elsewhere in the same note, Loeys released a bearish price forecast for bitcoin, predicting that the flagship cryptocurrency could collapse to $ 1,260, representing a 64% discount from its current value and a withdrawal of nearly 94% from its highest historical level.
A survivor of the single currency Bitcoin in nuclear war
Maybe this has something to do with the fact that Doomsday Clock stays at midnight to two, but this is not the first time this week that a leading badyst has explored the usefulness of Bitcoin in the future. potentially dystopian.
According to the Bulletin of the Atomic Scientists, the #DoomsdayClock stay officially at midnight minus two.
"The fact that the Doomsday Clock hands have not changed is bad news." pic.twitter.com/8uIVi7A86j
– Vox (@voxdotcom) January 24, 2019
Earlier this week, Charlie Shrem, a Bitcoin evangelist, published an editorial claiming that Bitcoin would be the only currency capable of surviving a nuclear war. The founder of Bitinstant said that bitcoin would be "very sustainable" because its public registry would remain safe as long as a complete node would continue to function until the reconstruction of civilization. Bank balances, on the other hand, "would suddenly become meaningless" since "the banks would stop operating the day the first nuclear bombs explode".
"As long as there is at least one Bitcoin running node, the Bitcoin network will continue to work," he wrote. "It is very likely that many Bitcoin nodes would survive even the worst nuclear attack since the nodes are scattered all over the world and they could communicate with each other via satellite internet."
Featured image of Shutterstock. TradingView Price Charts.
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