JPMorgan Shares Predictions on Crypto Markets, Ethereum’s Upgrades, Defi, NFTs – Featured Bitcoin News

Global investment bank JPMorgan has published a report on the outlook for the cryptocurrency markets, including Ethereum upgrades, decentralized finance (defi) and non-fungible tokens (NFTs). The bank described that “cryptocurrency markets are increasingly relevant to financial services.”

JPMorgan sets future expectations for cryptocurrency markets

JPMorgan analyst Kenneth Worthington published a report on the 2022 outlook for the cryptocurrency markets on Friday. Analyst wrote:

Applications of encryption are just getting started. Web3.0, there is greater use of coding NFTs in sight for 2022.

JPMorgan sees “tokenization and hashing as holding particularly great promise as crypto’s transaction speed becomes more competitive with trad-fi networks,” the analyst continued.

The report adds:

Davy was a bit of a flop in 2021, but still has strong potential in 2022 and beyond.

The analyst explained that the development of encryption technology will continue, driven by the scaling up of Layer-1 and the introduction and growth of Layer-2. He added that the introduction of Ethereum’s Merge and Layer 2.0 will speed up transactions and significantly reduce power consumption.

Worthington details:

The use cases of cryptocurrency markets will continue to grow and new projects and tokens will appear with more and different use cases.

Moreover, JPMorgan analysts note that with these projects attached to tokens and Coinbase being the leading exchange for buying and selling tokens, “we see Coinbase as a major direct beneficiary of the growth of the crypto market.”

Worthington also said that if 2021 is the year of non-fungible tokens, then 2022 could be the year of the “blockchain bridge (which drives greater interoperability for different chains) or the year of financial tokens.” JPMorgan analyst opinion:

As such, we see cryptocurrency markets increasingly relevant to financial services.

A different JPMorgan report, published last week, suggests that Ethereum may lose its dominance due to scaling problems. However, the global investment bank doubled its Bitcoin price forecast at $146,000 in November last year.

Meanwhile, JPMorgan CEO Jamie Dimon remains skeptical about cryptocurrency. He has repeatedly warned against investing in cryptocurrencies, especially bitcoin, stating that they have no intrinsic value.

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Do you agree with the analyst JPMorgan? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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