JPMorgan Chase shares its predictions on the crypto market, Ethereum upgrade, Defi, NFT – Featured Bitcoin News
The global investment bank JP Morgan Chase released a report on the future prospects of the crypto market, including the upgrade of Ethereum, decentralized finance (defi) and non-fungible tokens (NFT). The bank believes that “the cryptocurrency market is becoming more and more related to financial services,” its analysts describe.
JPMorgan Chase outlines the future outlook of the crypto market
JPMorgan Chase analyst Kenneth Worthington released a report on the outlook for the crypto market in 2022 on Friday. The analyst wrote:
The application from encryption has just begun. Web3.0, NFT tokenization will be used more in 2022.
JPMorgan Chase believes that “as the speed of encrypted transactions becomes more competitive with the trad-fi network, tokenization and segmentation have particularly great prospects,” the analyst continued.
The report added:
Defi failed a bit in 2021, but still has strong potential in 2022 and beyond.
The analyst explained that, driven by the expansion of layer 1 and the introduction and growth of layer 2, the development of encryption technology will continue. He added that the introduction of Ethereum’s Merge and Layer 2.0 will speed up transactions and significantly reduce energy consumption.
Worthington introduced in detail:
The use cases of the crypto market will continue to grow, and new projects and tokens with more different use cases will appear.
In addition, JPMorgan Chase analysts pointed out that because these projects are related to tokens, and Coinbase is the leading exchange for buying and selling tokens, “We believe that Coinbase is the main direct beneficiary of the growth of the crypto market.”
Worthington also stated that if 2021 is an irreplaceable token year, then 2022 may be a “blockchain bridge (promoting greater interoperability of various chains) or financial tokenization year”. JPMorgan Chase analysts believe:
Therefore, we believe that the cryptocurrency market is increasingly related to financial services.
A different JPMorgan Chase report released last week, state Due to scaling issues, Ethereum may lose its absolute advantage.Despite this, the global investment bank doubled its investment in Bitcoin Price prediction Last November it was US$146,000.
At the same time, JPMorgan Chase CEO Jamie Dimon is still skeptical of cryptocurrencies.He repeatedly warn Regarding investing in cryptocurrencies, especially Bitcoin, point out that they have no intrinsic value.
Do you agree with the views of JPMorgan Chase analysts? Please let us know in the comments section below.
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