Bitcoin Now Predicted to Make Major Comeback by Former Critic

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Wed, 02/06/2019 - 18:54
Alex Dovbnya
JP Morgan expert is backpedaling on his earlier bearish prediction, seeing Bitcoin’s current stability as a positive sign for institutional adoption
Bitcoin Now Predicted to Make Major Comeback by Former Critic
Cover image via U.Today
Contents

CNBC reports that JP Morgan analyst Nikolaos Panigirtzoglou is betting on Bitcoin after previously voicing his bearish prediction in December. He is certain that more institutional investors will dip their toes into the cryptocurrency industry due to its current stability.

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Bitcoin isn’t fading  

On Dec. 15, Panigirtzoglou made a claim that major financial institutions are abandoning the flagship cryptocurrency. However, he recently had to switch his stance on that issue as the market is becoming more stable. According to Panigirtzoglou, the ‘bubble phase’ is already behind, and that’s a positive sign for institutional investors.

Blockchain will drive the adoption

The expert also states that Blockchain, the technology that underpins cryptocurrencies, will make Bitcoin more enticing for cryptocurrency investors. As U.Today reported earlier, the importance of Blockchain is rapidly growing with numerous industries (from finance to healthcare) trying to capitalize on it.

Hold your horses

Panigirtzoglou predicts that the adoption won’t happen overnight (it could take years to win over institutions). Not surprisingly, regulatory uncertainty remains the main obstacle in that regard.
Wyoming is already making huge progress by recognizing cryptocurrencies as legal property. Meanwhile, Bakkt is soon expected to launch its Bitcoin futures that are poised to be an icebreaker when it comes to sparking widespread adoption.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.