BCA Research’s chief global strategist, Peter Berezin, predicted that Bitcoin’s Achilles heel will begin to scare off corporate investors off and cause governments to erect more obstacles to it success. The first to flee will be environmental, social, and governance-focused funds he said, adding that they will shun companies involved with Bitcoin, not just the cryptocurrency itself.
Blockchain and digital currencies advance in Asia
India’s largest bank has joined JPMorgan’s Liink payments project as central banks from China, Thailand, and the United Arab Emirates join Hong Kong’s multinational digital currency project
The State Bank of India, which manages nearly a quarter of the nation’s assets as well as its loan and deposits market, decided to join JPMorgan’s blockchain payments system. Meanwhiles, the State Bank of India, a nationally owned retail bank, will use JPMorgan’s Liink blockchain system to make its cross border-payments faster and cheaper.
Falling liquidity threatens Bitcoin rally: JPMorgan’s Panigirtzoglou
Analysts at the world’s top bank suggested that low liquidity means that a relatively-small sellout could have major implications for Bitcoin’s price
“Market liquidity is currently much lower for Bitcoin than in gold or the S&P 500, which implies that even small flows can have a large price impact," JPMorgan’s Nikolaos Panigirtzoglou said today.
As Bitcoin breaks into trillion-dollar club, JPMorgan calls it an ‘economic sideshow’
The bank’s analysts believe that Bitcoin is becoming a more cyclical asset, turning the cryptocurrency into the ‘poorest hedge’ against a stock market downturn
Despite that, JPMorgan’s “Digital transformation and the rise of fintech: Blockchain, Bitcoin and digital finance 2021” concluded that “Bitcoin is here to stay as an 'alternative' currency.” According to the Feb. 18 report, current Bitcoin prices greatly exceed JPMorgan’s estimates of its fair value, based on mining costs and its risks compared with gold.