One of the biggest financial institutions, JP Morgan, thinks blockchain technology is not yet ready for mainstream adoption, Reuters reports.
As it states, the bank is skeptical of the crypto value, suggesting the assets would only make sense in "a dystopian scenario where investors have lost all faith in gold."
"Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging," Reuters cites JP Morgan’s reports on crypto & blockchain.
JP Morgan is still doubting about the intended purpose of bitcoin since it failed to pinpoint any major retailers that accepted digital coins in 2018.
At press time, bitcoin is trading at $3,614.27 (+0.81%), compared to $20,000 in late December 2017.
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