JPMorgan has predicted that cryptocurrencies, such as Ripple, Bitcoin, Ethereum, Cardano, Dash, Litcoin, etc. are here to stay. The observation has been mentioned in an internal report of the American multinational investment bank and financial services company, headquartered in New York City.
The internal report fully contradicts the publicly-held opinions of the company related to cryptocurrency. Earlier in 2016, the company's CEO Jamie Dimon had called Bitcoin a "fraud," before being sued for his statement.
According to the JPMorgan internal report, the cryptocurrencies prices would continue to fluctuate and face volatility. The report seems to have quite a positive outlook towards blockchain, the technology behind cryptocurrency. It noted that blockchain appeared to have a promising future once the loopholes were fixed in the technology.
Investors would invest in it for decentralization, and they'd continue to thrive and evolve with the peer to peer networks and the nature of anonymity of virtual currencies, the report said.
See also: Bitcoin and all major Cryptocurrencies Crash – Cryptocurrency Bloodbath?
However, JP Morgan has banned cryptocurrency trading using credit cards. That is why the interim report of the company is entirely different from its public stand on cryptocurrency.
Every crypto enthusiast is eagerly awaiting to see whether the company's public opinion on the issue also changes with time. The increased volatility and the current market scenario are making investors feel skeptical about the future of digital currencies. However, with a million dollar market cap most of the cryptocurrencies would not fail. That is why the majority of investors and crypto enthusiasts believe that cryptocurrencies are here to stay even if they remain stagnant for a while.
Most of the investors are holding digital currencies for a lengthy period. This could be the major reason behind investors not liquidating despite major plunge in crypto market. It is easy to support cryptocurrencies when the market is down and investors are backing it. We have to wait to see whether JPMorgan comes out in support of cryptocurrencies publicly in due course of time or not.