Bitcoin will continue to exist only as a speculative asset, according to JPMorgan

JPMorgan Chase Financial Holding Analystsbelieve that during the March financial crisis, bitcoin has established itself as a stable asset, but in terms of stability and usefulness, it is still far from gold and fiat.

In a note for investor clients dated June 11, the bank's analysts reported that BTC has recently changed the status of an uncorrelated asset to an instrument, the rate of which is more or less dependentstock market, which allows you to better predict its dynamics.The JPMorgan team also notes the growth of bitcoin liquidity andhigh stability in a crisis.

In addition, the document said that after a major price drop in March, the cryptocurrency was able to recover much faster than other asset classes.Currently, its performance is above the average level of the last 12 months, which cannot be said about traditional instruments.

Based on this , the bank's researchers concluded that BTC successfully passed its first stress testHowever, it has never become a digital analogue of gold or a safe haven for investors during a storm in the market, so it is unlikely to be expectedfuture success as a store of value or exchange.

The speculative nature and high level of risk in the market may contribute to a significant increase in the rate of bitcoin, which, according to Bloomberg analysts  , by the end of the year maywill exceed $20,000.

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