The established financial system has a nuanced relationship with blockchain and cryptos. A recent note from JP Morgan asserted that blockchain technology was a few years away from widespread adoption in finance, which may be yet another conservative assessment of how fast blockchain is penetrating major markets.
JP Morgan was far less kind to cryptocurrencies, which they see as a non-starter when it comes to a means of savings and payment. According to the bank, cryptos aren’t likely to do well, ever, even if there is a major financial crisis. From JP Morgan, “Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging.”