JPMorgan is confident in the future growth of BTC, and Buterin believes that crypto assets are “close to the mainstream”
JPMorgan: It’s too early to characterize bitcoin as oversold
JPMorgan is confident that the fall in the crypto market has caused concern among institutional investors. The bank notes that many owners of digital currencies are converting their crypto assets back into gold.
JPMorgan believes that one of the prerequisites for this is the increased volatility of BTC, which has been especially vivid recently. At the same time, experts are confident that in the long term, the price of the main cryptocurrency will show growth, although in the near future bitcoin may continue to correct.
“It is perhaps too early to characterize bitcoin as oversold. What is striking is that the recent outflows from bitcoin funds have been accompanied by inflows into gold ETFs in a reversal of the last quarter of 2020 and the beginning of this year,” the analysts noted.
The CEO of a crypto startup is confident that nothing threatens digital currencies
The American authorities have begun to “clean up” the regulatory field in relation to cryptocurrencies. However, this is not a threat to bitcoin, according to the CEO of the cryptocurrency startup Avanti, Caitlin Long.
“I’m optimistic bc most of the major players/agencies have spoken already & the policy is taking shape: it’s «pay taxes, comply w/ laws & don’t take shortcuts, & we’ll enable the innovation,” she wrote on Twitter.
At the same time, the head of the SEC, Gary Gensler, is confident that the authorities need to prepare to initiate cases that will be related to digital assets.
“I believe we also should remain focused on how our agencies use technology and data analytics to surveil the markets and enforce the law,” Gensler said.
Vitalik Buterin spoke about the fall of the crypto market
Vitalik Buterin spoke about the fall of the cryptoindustry. Due to the recently collapsed digital currency market, his fortune has decreased by almost 40% and is estimated today at less than $1 billion. However, this does not bother the co-founder of Ethereum.
“We’ve had at least three of these big crypto bubbles so far. And often enough, the reason the bubbles end up stopping is because some event happens that just makes it clear that the technology isn’t there yet,” Buterin said.
In addition, he noted that the adoption of cryptocurrency assets has increased significantly since 2017. Digital assets are now “close to mainstream” and are “no longer a toy”.