The huge US investment bank JP Morgan came up with another report on cryptocurrencies. This time it focused on the phenomenon of institutional investors. They see stablecoins behind their entry into the cryptocurrency market. Institutions need a currency in which they can hide from losses. This makes pairs such as USDT / BTC very useful.
Blockchain and cryptocurrencies for 2019 underwent a major development. JP Morgan marks the beginning of the use of stablecoins, the cryptocurrencies tied to the classic fiat currency – most often the US dollar – as the most important milestone. The Bank writes this in its latest report on market and technology developments.
It’s been two years since Bank CEO Jamie Dimon said he regrets his earlier attitude towards cryptocurrency. Two years later, the bank will publish 74 pages of the document detailing what has changed on the BTC and why it decided to watch it closely.
In addition to the importance of stablecoins, the report also underlines a more formal stock exchange, such as the Bakkt. The much-anticipated project did not bring a intended result in the end, but it was still a step forward.