Bitcoin

Why the JP Morgan analyst who was bearish on Bitcoin now is predicting a comeback

Bitcoin fever could return to Wall Street.

The J.P. Morgan analyst behind a report that found major firms are losing interest in cryptocurrencies isn’t ruling out renewed interest.

Nikolaos Panigirtzoglou wrote on December 15 that participation by financial institutions in bitcoin trading was fading. On Tuesday, he said on CNBC’s “Futures Now ” that the situation is likely temporary.

According to Panigirtzoglou, the firms should renew interest in crypocurrencies as stability grows.

“The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future,” he said. “The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.”

He expects the firms will begin re-entering the space as the importance of blockchain — the digital system that records cryptocurrency transactions — grows.

However, Panigirtzoglou contends it could be…

Continue reading at CNBC.com

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