The past week with the number 4, January 21-27, already cracked by events in fiat markets. But she was routinely quiet on the part of the crypt. What will bring the week number 5, January 28 – February 3?
Cryptocurrencies do not make sense?
Analysts of the infamous bank JP Morgan made a provocative statement and an awful forecast: Bitcoin will collapse to $ 1,260. Why exactly to this level, and not up to $ 1,250 or $ 1,200? Probably just because a non-round number looks more credible. JP Morgan notes that at the moment cryptocurrency does not make sense, they will be used only if investors lose faith in the main reserve assets, such as gold and the dollar. “There are more liquid and less complex tools for conducting transactions, investing and hedging,” these “Wall Street wolves” emphasize.
Meanwhile, half a year has not passed since the announcement that JP Morgan has entered the race for the institutional’s wallets. In August 2018, it was reported that, along with other leading banks, JP Morgan was developing its own crypto custody services. An influential American Banker wrote then:
– JPMorgan Chase, Northern Trust, Goldman Sachs and a number of other banks are developing new cryptocurrency storage products.
What made bankers turn back? Is patience exhausted? Hard to believe. They say that the nerves of the bankers can argue with the cables of the hanging Golden Gate Bridge.
What then? Most likely – verbal intervention. Bankers declines the Corn rates with the only purpose – to buy it at the bottom. Although there is one cool idea in this review: the blockchain widespread is hampered by the lack of integration between private platforms. Therefore, financial institutions will not introduce technology in the next 3-5 years.
Funny. And if integration appears, and much earlier, than in 3-5 years? In crypto everything may happen very quickly.
Cryptocurrencies make sense!
It was also during the week, that Brad Garlinghouse, CEO of Ripple, explained clearly that cryptocurrencies make sense.