Bitcoin (BTC), Exchange Traded Fund (ETF)–Yesterday EWN reported on a development by JPMorgan analysts over their prediction of an inevitable U.S. recession lingering on the horizon. According to the report, JPMorgan is predicting a 60 percent chance of recession occurring by the year 2020, with that number climbing further to 80 percent in the next three years. While numerous economists have echoed the bank’s findings that a widespread market recession is likely to hit the states within the next several years, several analysts in the industry of cryptocurrency were quick to point out that such a catastrophe could prove to be beneficial for cryptocurrency.
On Oct. 24, the U.S. stock market took a decidedly bullish turn with widespread Wall Street selloff, leading to subsequent fall in Asian markets upon their opening bell. As more investors see the writing on the wall that is an overextended U.S. stock market, the dampening volatility of cryptocurrency is looking more and more like an advantageous investment. At the very least, cryptocurrency provides a global avenue for investment that could provide investor’s refuge as the traditional market ramps up in volatility and instability.