Bitcoin Valuable in a Dystopia, But Not Anywhere Else: JP Morgan Analyst

Contrary to statements from its cryptocurrency-bashing CEO Jamie Dimon, JP Morgan has finally admitted that bitcoin has value, albeit in the unlikely event that the world descends into a “Bird Box”-style dystopia.

If ‘Bird Box’ Comes True, JP Morgan Might Recommend Bitcoin
Writing in a note to clients distributed this week, JP Morgan managing director and analyst Jan Loeys said that bitcoin would only be a useful asset if investors worldwide suddenly lost faith in all major currencies and traditional stores of value, including precious metals.

Loeys wrote: We have long been skeptical of cryptocurrencies’ value in most environments other than a dystopian one characterized by a loss of faith in all major reserve assets. Outside of an apocalypse, the JP Morgan analyst said that it’s difficult to imagine cryptocurrency proving to be a better economic hedge than other alternative assets.

Reference: https://www.ccn.com/bitcoin-valuable-in-a-dystopia-but-not-anywhere-else-jp-morgan-analyst/

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