JP Morgan Bank expressed its caution regarding the cryptocurrency market in 2024, particularly in anticipation of the potential approval of Bitcoin exchange-traded funds (ETFs).
The bank also issued a warning against excessive buying of the digital currency, reports Al-Jarida daily.
According to JP Morgan, even if the US Securities and Exchange Commission approves the launch of Bitcoin ETFs, the expected gains may not be substantial.
The bank highlighted the weak demand for similar currency ETFs in Europe and Canada as an indication that the introduction of this new investment tool in the United States may not generate significant momentum.
Rather than attracting new capital, it is likely that these funds will withdraw capital from existing investment products supported by Bitcoin.