JPMorgan counters BTC hype with a dose of pragmatism

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Last Update: September 21, 2022

2 mins read

Analysts at JPMorgan have cautioned against getting carried away by the recent flurry of support for bitcoin by institutional investors.

Stategists at the bank have suggested that for any long-lasting confidence to be achieved, bitcoin would need to have an annualized volatility of around 1%.

While PayPal, Tesla and now MasterCard have all backed the currency in various ways recently, JPMorgan is not convinced this will give the currency the spur and legitimacy everyone is predicting.

In fact, according to Nikolaos Panigirtzoglou, a JPMorgan strategist, “the main issue with the idea that mainstream corporate treasurers will follow the example of Tesla is the volatility of bitcoin.”

You could always accuse Panigirtzoglou of stating the obvious, but he is right. While more companies are pumping money into bitcoin this isn't in itself a guarantee of stability and certainly not in the way a central bank does it.

Investing $1.5bn in bitcoin certainly did a lot to help BTC, pushing its price beyond the $48,000-mark, but BTC is back to $46,993 at time of writing. Then again, JPMorgan’s take is not all bleak.

Naturally, more companies will trickle in and buy bitcoin, encouraging perhaps others to follow suit. “Corporate treasury portfolios are typically stuffed with bank deposits, money market funds, and short-dated bonds, meaning that annualized volatility – or the range of swings during the course of a year – hovers around 1%,” the company added in a public note.

The long-term success of bitcoin, however, will rely on bigger a commitment from institutional players and vigilant authorities that can guarantee volatility no greater than 1%, a task that seems quite hard to achieve right now.

Nevertheless, anyone who owns BTC right now can stop by some of the best casinos out there and bet with the currency. Our personal picks are Bitcasino, BitStarz, and 1xBit, but feel free to explore further.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.
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