Wall Street Analyst: Bitcoin (BTC) Showing Bubble-Like Properties

Hot on the heels of a Reuters report divulging J.P. Morgan & Chase’s dissatisfaction with the Bitcoin industry, CNBC has revealed that the Wall Street giant’s anti-crypto sentiment runs much deeper than previous reports would indicate.

Jan Loeys, a managing director and analyst at J.P. Morgan, claimed that his firm has “long been skeptical” of the inherent value of cryptocurrencies in nearly all environments, save for “dystopian” societies rife with distrust for centralized financial intermediaries, like the U.S. Federal Reserve or Wall Street institutions.

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