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Crypto Is Irrelevant and No Signs of a Bottom yet, Affirms JPMorgan President

2 mins
Updated by Ali M.
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In Brief

  • The President of JPMorgan is expecting the FED funds rate to peak at 5%
  • He believes that crypto is irrelevant in the scheme of things, but Bitcoin’s market cap is more than the market cap of JPMorgan.
  • Even though Pinto believes the market hasn’t bottomed, the analysis shows otherwise.
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The JPMorgan President believes crypto has become a small asset class that is kind of irrelevant. He doesn’t think that the market has seen the bottom yet.

“The reality is, the current form of crypto has become a small asset class that is kind of 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 kind of irrelevant. However, just Bitcoin itself, if we keep the rest of other cryptos aside, has a larger market cap than JPMorgan. This ideally doesn’t justify that the current form of crypto is a small asset class. 

The executives at JPMorgan, most notably the 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 has called them hypocrites.

JPMorgan President: The market has not bottomed

The President of America’s largest bank believes that it is essential to put inflation back in the box. The latest inflation rate is 10.1%, the highest in the past 40 years. The FED is aggressively raising the interest rate to control inflation.

The JPMorgan President believes that the expectations for corporate earnings are still probably high. It is not showing a sign of a slowdown, generally, it slows down near the market bottoms.

Further, there are dangers of geopolitical scenarios getting worse. The war between Ukraine and Russia can take an ugly turn. Also, there are tensions between China and Taiwan. Considering all these factors, Daniel Pinto thinks that the market hasn’t bottomed yet

Technicals are bullish

The technicals differ from the point of view of Wall Street Veterans. The Dow Jones Industrial Average Index shows a double-bottom breakout.

The price broke out from the neckline of the double bottom at 30330, and then successfully retested the neckline on Friday. 

Source: TradingView

The DJI is making higher highs and higher lows, which indicates the beginning of a short-term uptrend. Every bull run starts with a short-term upward rally. Will this rally sustain, or will the price breakdown? 

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...