Crypto isn’t currency — at least, according to American multinational banking and financial services holding company JPMorgan Chase & Co.
Missing the Point
JPMorgan, a New York-based institution with a history that is far from pro-crypto, claimed in a wide-ranging note to clients that cryptocurrencies only make sense as a hedge in one’s investment portfolio — and are neither viable stores of value nor effective currencies. Wrote the company:
The huge volatility of the price of cryptocurrencies — with respect to either traditional currencies or to a basket of goods and services — has made use of cryptocurrencies as a unit of account impractical. Only hobbyists are using cryptocurrencies as a medium of exchange, at least for conventional transactions for goods and services.