Cryptocurrency is not a currency – at least, according to the us multinational banking financial service of the holding company JPMorgan Chase and co.
JPMorgan having a history that is far from cryptocurrencies, has stated to a wide array of clients that cryptocurrencies only make sense as a hedge in their investment portfolio and are neither viable value stores nor effective currencies.
"The enormous volatility of the price of cryptocurrency rates in relation to traditional currencies or to the basket of goods and services. Only Amateurs use cryptocurrency as a means of exchange, at least for ordinary transactions as payment for goods and services."
Indeed, cryptocurrencies such as Litecoin and Bitcoin have struggled to become widespread. However, the note does not mention potential innovations such as the lightning Network from Bitcoin, Or litpay from Litecoin based on VISA, all of which can make the cryptocurrency look like traditional currencies, and thus facilitate the large-scale adoption of them as means of payment.