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Multiple predictions about Bitcoin from JP Morgan Analysts reach our bitcoin news often and today, in particular, they predicted that BTC could fall even further below the $1,260 and that banks are highly unlikely to benefit from the blockchain technology in the next three to five years.

One analyst in particular claims that the real value of cryptocurrencies is still unproven and their use still makes sense only in a dystopian event. He stated further in a report:

 “Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging [than cryptocurrencies].”

JP Morgan noted that institutional involvement in the crypto market hasn’t really grown much in the past six months since individual traders are what the majority of the market is. The company also claimed that using cryptocurrencies for payments will still stay ‘’challenged’’ also pointing out that the company is unable to find any retailer that accepted crypto in 2018 despite the many information that there is plenty of that kind.

The analysts of JP Morgan suggested that Bitcoin will most likely drop around $2,300 and that it could even fall below that point if the bear market persists. Despite their forecast of the hyped blockchain technology not being able to make a difference in how the banks operate, many banks do use and claim that distributed ledger technology has a huge potential into cutting costs for global banks.

The CEO of JP Morgan Jamie Dimon is known for criticizing Bitcoin which has previously called a ‘’fraud’’ in 2017 but admits that blockchain has a huge potential.
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