In a note to clients on Friday, JPMorgan’s equity research analyst Kenneth Worthington wrote that the world’s crypto markets and industry are staged for greater acceptance from mainstream investors and companies in 2022
The note reads:
“[2022 will be] the year of the blockchain bridge (driving greater interoperability of various chains) or the year of financial tokenization.”
Although Worthington still prefers gold over Bitcoin as a store of value, he does acknowledge the top cryptocurrency and said:
“[It is] particularly well-designed as a modern store of value, and the strong design has contributed to the increased confidence in and value of Bitcoin.”
Despite its volatility, Bitcoin did not stop rising in value, the JPMorgan analyst said and added that:
“[Serious volatility] could undermine crypto as a medium of exchange, as a unit of account and as a standard for deferred payments, the other recognized functions of money.”
JPMorgan does nevertheless consider shares of Nasdaq listed cryptocurrency exchange Coinbase “still a buy”, with the company profiting from global crypto adoption and the industry growth that it brings.
Another traditional financial giant, Goldman Sachs, also released a note to customers last week expressing Bitcoin’s $100,000 value potential, ‘taking a good bite out of gold.’ which nevertheless was considered a bit ‘bearish’ by the community.
Goldman Sachs predicting $100,000 #bitcoin within 5 years is bearish as hell…
— Layah Heilpern
(@LayahHeilpern) January 6, 2022
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Source: Igaming
