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.