Bitcoin: neither gold nor hedging – This framework within JP Morgan claims that the largest investors institutional keep their distances with cryptocurrencies. Once again, the crypto winter gives wings to critics of Bitcoin (BTC) and his cadets.
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Institutional portfolios closed to cryptocurrencies
Speaking to Bloomberg, Jared Grossthe head of institutional portfolio strategy at JPMorgan Asset Management, reported that “crypto is effectively non-existent” for most large institutional investors who would steer clear of it.
According to Jared Gross, those investors who did not dive into cryptocurrencies would currently push “a sigh of relief not to have jumped into this market”. This executive within JP Morgan, who is apparently a crypto-skeptic, did not fail to criticize Bitcoin which is also suffering from the bear market.
He indicated that bear markets would have put an end to the idea that Bitcoin is a form ofdigital gold or could serve as an inflation hedge. And in today’s environment, the numbers prove Jared Gross right.
Bitcoin opened the year above $46,000, while it is currently trading below $17,000, as the year-end approaches. Nevertheless, Jared Gross thinks only on a bearish cycle and thus dismisses the idea of any recovery, after Bitcoin touched its bottom during this crypto winter.
These comments by Jared Gross contrast with other studies that show theinstitutional appetite for cryptocurrencies. Cryptocurrency critics want to use the crypto winter to try and delegitimize Bitcoin and its legacy for good, while the other side wants to show the future of the industry beyond the current bear markets.
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