The bank, in an appeal to its customers, said what would never happen to cryptocurrency, and what during the crisis it proved to be better than stocks

Bitcoin will gain a foothold in the status of a new class of assets, analysts at investment bank JPMorgan said in a letter to investor clients. However, experts noted that cryptocurrency is unlikely to become a single unit of account or a defensive asset that can save capital. It is more likely that it will remain the subject of speculation, reports Coindesk .

“There is little evidence that Bitcoin and other cryptocurrencies will be able to serve as a safe haven. Judging by the behavior of their prices, they are more like risky assets such as stocks. In this regard, cryptocurrency will probably remain a new class of assets, but it will be a tool for speculation rather than used for calculations or preserving capital, ”the analysts explained.

They noted that digital assets began to show a greater relationship with traditional ones. Earlier, the price of bitcoin had almost zero correlation with financial markets. However, in the last crisis months this has changed. The cryptocurrency exchange rate has become a little more connected with the value of protective assets, such as gold and the dollar, and significantly more in the case of securities.


Analysts added that in some aspects, the cryptocurrency market during the crisis proved to be better than the stock market. Liquidity on leading cryptocurrency exchanges quickly recovered after the March collapse, but this has not yet happened in traditional markets, we are talking about gold and securities.

At the end of May, another investment bank Goldman Sachs named 8 reasons not to invest in bitcoin. These include the absence of a tendency to a decrease in volatility, the risk of hacker attacks, involvement in criminal actions, and so on.