Well Known Bitcoin Pessimist Agrees That Bitcoin Could Make A Major Comeback

Nikolaos Panigirtzoglou, a JP Morgan analyst who was once bearish about Bitcoin, is now of the opinion that the digital asset can still make a major comeback. According to him, the cryptocurrency market is a new one, and it has passed through the bubble and burst phase, reports a media outlet on February 7.

Next Stage of Adoption Will be from Financial Institutions

Nikolaos Panigirtzoglou while in an interview with CNBC, noted that Bitcoin can still have a positive outcome in the long run. Panigirtzoglou attributed this to the fact that crypto has gone through the bubble and burst stage and its price is now stable. Therefore, that could set the stage for an institutional adoption which may significantly impact the value of cryptocurrencies.
In his own words:

The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future… The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.

Clarity in Regulations Will Give Institutional Investors More Confidence

In the same vein, JP Morgan’s analyst stated that an increase in the clarity of regulations would make investors more confident about the legal status of Bitcoin. According to him, regulators are the major problem at the moment because they are slow to address issues relating to emerging technologies.
Panigirtzoglou’s recent opinion is contrary to his statement in December 2018. At that time, his stance was that the bear market has made financial institutions scared of investing in digital assets. He had also pointed out the decline in the trading volumes in the crypto market as well as that of Bitcoin futures.

The Opinion of Other JP Morgan Analysts May Change

Hopefully, other JP Morgan analysts’ opinion about Bitcoin and generally cryptocurrencies might also change. For instance, Joyce Chang, JPMorgan’s chair of global research on January 28 stated that cryptocurrencies need to be separated from Blockchain. She backed this up by saying that the latter has more use cases than virtual assets.
Fidelity Investments, a multinational financial services corporation, on the other hand, is already testing its cryptocurrency custody platform. BTCNN on January 31 revealed that it might be a Bitcoin custody which is targeted at large investors. These are people who may be more willing to enter the market and store their funds with a more reputable company in comparison with startups who are also offering the same service.

Related posts
cryptocurrencyDOGEdogecoinDOGEUSDElon MuskNewsTron NewsTRXUSD

As Elon Musk’s SpaceX Literally Sends Dogecoin To The Moon, Justin Sun Craves For Tron to Tag Along

Justin Sun, the CEO of Tron is offering Elon Musk a million-dollar deal, to help launch a satellite for BitTorrent and Tron. The CEO of the leading network has been clamoring for the adoption of the Tron network and its…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTFacebookMark ZuckerbergNewsxbtusd

Facebook’s Mark Zuckerberg Might Have Just Made A Grand Entrance Into The Bitcoin Market

The CEO of Facebook might have just dropped subtle hints on his “Bitcoin holdings.” In a post that has left the cryptocurrency space confused, for the most part, Zuckerberg posted a picture of two of his goats, named Max and…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Software Giant Palantir Joins the Bitcoin Race, Hints At Gigantic BTC Buy

What do Tesla, Time magazine and WeWork have in common? All companies have, in the last three months, announced either a significant investment in cryptocurrency or a newfound acceptance of it as a means of payment from customers. The most…