JPMorgan says the only real use for cryptocurrencies will be in a post-capitalist dystopia
|01/27/2019||Posted by BusinessMediaguide.Com under General World News||
- Cryptocurrencies have grown into a huge industry despite the asset class dropping massively last year.
- JPMorgan notes that cryptocurrencies would only serve as a hedge in a “dystopia” despite low correlation with other assets.
- “Low correlations have little value if the hedge asset itself is in a bear market,” the bank said.
Cryptocurrencies went into 2018 looking like an asset on the up, but ended the year by falling spectacularly, driving devotees apoplectic.
Bitcoin, the original cryptocurrency, dropped 80% from its all time high of close to $20,000 in 2018, and according to JPMorgan the asset class probably wouldn’t be read more >>>