Is crypto irrelevant
Is crypto irrelevant: The president of JPMorgan feels that cryptocurrencies have diminished to a minor and largely unimportant asset class. He doesn’t believe the market has reached its low point yet.
“The reality is that the current form of cryptocurrency has become a small asset lesson that is kind of irrelevant in the system of things, but the technology, the ideas, something is probably going to happen there,” says Daniel Pinto, co-president and chief working officer of JPMorgan Chase & Co.
Is crypto unimportant?
- Daniel Pinto claims that the current iteration of cryptocurrency has devolved into a meager and essentially meaningless asset class.
- However, excluding the rest of the cryptocurrencies, only Bitcoin alone has a more significant market cap than JPMorgan. Ideally, this doesn’t support the notion that the existing cryptocurrency asset class is a small one.
- JPMorgan executives are well known for criticizing cryptocurrency, most notably the CEO Jamie Dimon. However, they have begun providing crypto funds to wealth management clients since their clients desire exposure to cryptocurrency. They are referred to be hypocrites by former employees.
JPMorgan President: The market has not bottomed
- The head of America’s biggest bank thinks it’s critical to put inflation back in its place. 10.1% is the most excellent inflation rate in the last 40 years at the current time. To combat inflation, the FED is rapidly hiking interest rates.
- The president of JPMorgan feels that there are likely still high expectations for corporate results. It is not shown any signs of slowing down; typically, it does so close to market bottoms.
- Additionally, there is a risk that geopolitical situations will worsen. The conflict between Ukraine and Russia can turn ugly. Tensions exist between China and Taiwan as well. Daniel Pinto believes that the market hasn’t bottomed out yet in light of these variables.
Technicals are bullish
- From the perspective of Wall Street Veterans, the technicals are different. The Dow Jones Industrial Average Index exhibits a breakout from the double bottom.
- The price successfully retested the double bottom neckline on Friday after breaking out from it at 30330.
- The start of a short-term uptrend is indicated by the DJI’s higher highs and higher lows.
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