After years of openly criticizing Bitcoin, the largest bank in the United States has completely changed its tune about the world’s leading cryptocurrency.
In a report titled “Cryptocurrency takes its first stress: Digital gold, pyrite, or something in between?”, JPMorgan analysts say Bitcoin looks “mostly positive” after surviving the pandemic-induced collapse, reports Forbes.
“Though the [bitcoin] bubble collapsed as dramatically as it inflated, bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March.”
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After years of openly criticizing Bitcoin, the largest bank in the United States has completely changed its tune about the world’s leading cryptocurrency.
In a report titled “Cryptocurrency takes its first stress: Digital gold, pyrite, or something in between?”, JPMorgan analysts say Bitcoin looks “mostly positive” after surviving the pandemic-induced collapse, reports Forbes.
“Though the [bitcoin] bubble collapsed as dramatically as it inflated, bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March.”
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