Less than two months ago, JP Morgan analyst Nikolaos Panigirtzoglou found himself firmly inside the crowded group of Wall Street’s bitcoin bears. Now, he’s predicting that the flagship cryptocurrency could be poised for a major comeback — at least in the long run.
Speaking during an interview on CNBC’s Futures Now, Panigirtzoglou said that the cryptocurrency market’s recent struggles could set the stage for future institutional adoption, which many bulls predict will spur the next great bitcoin bull run.
The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future,” said Panigirtzoglou, whose official title at JP Morgan is global market strategist. “The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.
That’s a much more positive take then he had in mid-December 2018 when he wrote in a note to clients that the prolonged bear market had spooked crypto-curious firms on Wall Street and caused institutional interest to fade.
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