Cryptocurrency Is Irrelevant, No Signs of Bottom Yet, Says JPMorgan Chairman

The chairman of JP Morgan believes that crypto has become a small asset class that is irrelevant. They don’t think the market has looked down yet.

“The reality is that the current form of crypto has become a small asset class that is irrelevant in the scheme of things, but the technology, the concepts, there is probably going to be something out there,” said co-chairman and chief operating officer of JPMorgan Chase & Co. Daniel Pinto told CNBC in an interview.

Is crypto irrelevant?

According to Daniel Pinto, the current form of crypto has become a small asset class that is irrelevant. However, only bitcoin, if we put the rest of the other cryptos apart, has a larger market cap than JP Morgan. It is not ideally fair that the current form of crypto is a small asset class.

JPMorgan executives, especially CEO Jamie Dimon, are known for bashing crypto. However, their clients want to be exposed to crypto, so they have started offering crypto funds to wealth management clients. ex-employee Called them hypocrites.

JP Morgan President, the market hasn’t gone down

The president of America’s largest bank believes it is important to put inflation back in the box. The latest inflation rate is 10.1%, the highest in the last 40 years. The Fed is aggressively raising interest rates to control inflation.

JPMorgan’s chairman believes corporate earnings expectations are still high. It is not showing bearish signal, generally, it slows down near the bottom of the market.

In addition, there are dangers of deteriorating geopolitical landscape. The war between Ukraine and Russia could take a dire turn. At the same time, tensions remain between China and Taiwan. Taking all these factors into account, Daniel Pinto feels the market has not bottomed out yet.

technology is fast

The technicalities differ from the point of view of Wall Street Veterans. The Dow Jones Industrial Average Index shows a double-bottom breakout.

The price broke the double bottom neckline at 30330, and then successfully reclaimed the neckline on Friday.

Source: TradingView

DJI is making higher highs and higher lows, which signals the start of a short-term uptrend. Every bull run begins with a short term upward rally. Will this rally continue, or will the price break out?

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