Crypto is irrelevant, no sign of bottom yet, JPMorgan president says
The JPMorgan president believes crypto has become a small asset class that is somewhat irrelevant. He does not think the market has seen the bottom yet.
“The reality is that the current form of crypto has become a small asset class that is somewhat irrelevant in the scheme of things, but the technology, the concepts, something is probably going to happen there; just not in its current form,” Daniel Pinto, co-president and chief operating officer of JPMorgan Chase & Co. told CNBC in an interview.
Is crypto irrelevant?
According to Daniel Pinto, the current form of crypto has become a small asset class that is somewhat irrelevant. But only Bitcoin itself, if we keep the rest of other cryptos aside, has a bigger market cap than JPMorgan. Ideally, this does not justify the current form of crypto being a small asset class.
The executives at JPMorgan, especially CEO Jamie Dimon, are known to bash crypto. However, their clients want exposure to crypto, so they have started offering crypto funds to wealth management clients. The former employee have called them hypocrites.
JPMorgan president: The market has not bottomed out
The president of America’s largest bank believes it is essential to put inflation back in the box. The latest inflation rate is 10.1%, the highest in the last 40 years. The FED raises interest rates aggressively to control inflation.
The JPMorgan president believes that expectations for the company’s earnings are still likely to be high. It shows no sign of a slowdown, generally slowing down near market bottoms.
Furthermore, there are dangers of geopolitical scenarios becoming worse. The war between Ukraine and Russia could take an ugly turn. There are also tensions between China and Taiwan. Considering all these factors, Daniel Pinto believes that the market has not bottomed out yet
Technical is bullish
The technicalities differ from the Wall Street Veteran’s point of view. The Dow Jones Industrial Average shows a double bottom breakout.
The price broke out from the breakdown of the double bottom at 30330 and then retested the neck on Friday.
DJI is making higher highs and higher lows, indicating the beginning of a short-term uptrend. Every bull run starts with a short-term rally. Will this rally sustain or will the price collapse?
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