America’s biggest bank has revealed the cryptocurrency they’re naming as a better bet than Bitcoin.
As popular as Bitcoin is, America’s biggest bank, JPMorgan, thinks Ethereum is a better bet.
Analysts at JPMorgan stated in a recent report that Ethereum’s numerous uses, like peer-to-peer lending and NFTs, “should help it maintain its value in a climate of rising interest rates,” The Financial Post reports.
Ethereum’s value is being led by its technology. It is expected to be used in future for the creation of any metaverse – an online world where people can game, work and communicate in a virtual environment, often using a virtual reality headset that has recently become more widely known due to Facebook.
The JP Morgan report comes in the midst of a sudden stock market crash that has some investors concerned, reports The Sun.
Yahoo! Finance reports that a “new and more transmissible variant of COVID-19” identified in South Africa may have something to do with the market drop.
These concerns all come after Tokyo plans to repay creditors of Mt Gox after losing half a billion dollars in Bitcoin, in 2014.
“Selling pressure has been quite constant,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds.
Crypto.com itself is one of the fastest growing cryptocurrency businesses in the world.
Keegan Francis, crypto editor and expert of Finder, told The Sun the coin has many uses, but most notably is that it can be used to stake crypto on the mobile app in order to get the Crypto.com Visa debit card.
He added: “Staking higher amounts of CRO across the platforms rewards users with more features and rewards.
“Investors need to keep in mind that the token itself is tied directly to the success of the Crypto.com ecosystem.
“That being said, Crypto.com has taken the initiative to decentralise CRO by building it into their own decentralised blockchain called Crypto.org.
“This is a good step for them to take in order to ensure the longevity of their token.
“It creates less dependence on the company itself, and begins to build out an independent community of developers, and market participants.”
The UK’s financial regulator has warned that people should be prepared to lose all their money when investing in crypto.
This article originally appeared in The Sun and was reproduced with permission.