ETH Poised to Surpass BTC According to JP Morgan
JP Morgan, a major player in traditional banking, is diverging from the general optimism surrounding Bitcoin’s future. The CEO, Jamie Dimon, has been known for making controversial comments about BTC, causing controversy. The institution now predicts a shift in the crypto landscape, favoring Ethereum over Bitcoin, stating that the much-anticipated halving event may not have the desired impact. They argue that spot Bitcoin ETFs might not attract new capital but instead redirect funds from existing Bitcoin investments.
Halving Event and BTC Mining Concerns
JP Morgan’s skepticism extends to the upcoming Bitcoin halving event. They believe this event is already priced into the current value of Bitcoin and anticipate a doubling of production costs, leading to a 20% decline in the hash rate. They also express concerns about high operational costs forcing some miners to exit the market.
Ethereum’s Potential in 2024
JP Morgan is more positive about Ethereum’s prospects. They highlight Ethereum’s upcoming upgrade and recognize its potential to positively impact the asset. However, they do raise concerns about centralized staking on the Ethereum network.
JP Morgan’s Cautionary Advice
As 2024 approaches, JP Morgan urges caution in the crypto market. They maintain a bearish outlook on Bitcoin due to concerns over the halving event and spot ETF optimism. Conversely, they hold a more optimistic view of Ethereum’s potential.
Hot Take: Ethereum Could Surpass Bitcoin in 2024
JP Morgan’s analysis suggests that the hype around Bitcoin ETFs may not pay off as expected, while Ethereum has the potential to overshadow Bitcoin in 2024. This prediction is based on their reservations about the impact of the halving event and their positive outlook on Ethereum’s upcoming upgrade. Ultimately, JP Morgan advises caution for crypto investors as they navigate the evolving landscape.
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