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JPMorgan - Blockchain might take 'three to five years to become mainstream'

Pooja
Pooja

Apparently, the recent announcement by finance company JPMorgan is disappointing to all crypto lovers. Reportedly, they claim that it will take certain time for crypto and blockchain to become established technology in everyday life.

Although the huge success of blockchain is clearly evident from a recent adoption by banking infrastructure, the JPMorgan is of opinion that crypto would only be valuable in a potential post-catastrophic scenario wherein mass doubt has led to the collapse of what society currently uses as money.

On the same lines, the company quoted in a report that,

Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging

Perhaps the very reason might be due to the abrupt fall of bitcoin value in the last year, losing almost nearly three quarters in value. Eventually forcing all mainstream finance and investors to lose their hopes in it.

Also, the Reuter’s report claims that while blockchain will likely be integrated into the worldwide banking infrastructure, it is going to take ‘three to five years’ until the technology becomes mainstream enough to make a significant impact

Furthermore, the company said that the usage of cryptocurrencies for payments – the very purpose behind digital currency – will remain “challenged”. In this regard, it was unable to pinpoint any major retailers that accepted digital coins in 2018.

Whether or not financial players like JPMorgan are happy with blockchain tech, the future of crypto and blockchain seems optimistic. On that note, various organizations are embracing blockchain by institutionalizing into the global financial system.

Ripple’s RippleNet is making its way into a number of partners, hoping to compete with SWIFT and other current payment platforms. Even the Standard Chartered, an established payment institution has successfully begun utilizing blockchain to complete payments.

What’s your take on this? Will blockchain become mainstream in near future or suffer skepticism?Let us know your thoughts in the comment section below.

BlockchainfinanceJPMorgan

Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc