Bitcoin is an economic side show, say JPMorgan analysts
Cryptocurrency is poor hedge against a decline in equity prices, says JPMorgan
19 February 2021 - 08:36
Tokyo — Bitcoin is an “economic side show” and a poor hedge against a decline in equity prices, analysts at JPMorgan said in a sobering assessment that could undercut the cryptocurrency’s rise to record highs.
Prices are well above JPMorgan’s estimates of fair value and the mainstream adoption of bitcoin increases its correlation with cyclical assets, which reduces the benefits of diversifying into bitcoin, the investment bank said in a memo...
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