JPMorgan: Expect more cryptocurrency adoption in 2022

Time:2022-01-07 Source: 692 views Trending Copy share

The cryptocurrency market and industry will see more recognition from mainstream investors and companies this year, JPMorgan equity research analyst Kenneth Worthington wrote in a note to clients Friday.

JPMorgan believes 2022 has the potential to be “the year of the blockchain bridge (driving greater interoperability of various chains) or the year of financial tokenization.”

Regarding Bitcoin, JPMorgan Chase stated that it is “particularly carefully designed as a modern store of value, and a robust design helps increase people’s confidence and value in Bitcoin.”

However, given its limited history, Bitcoin still falls short compared to other stores of value, including gold, according to Worthington.

Furthermore, Bitcoin's high volatility may not make it a good currency, as this "could undermine crypto as a medium of exchange, a unit of account and a deferred payment standard, among other accepted functions of money" .” However, he added that volatility concerns have not stopped Bitcoin from appreciating.

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