Last week a senior asset manager at J.P. Morgan shared his refreshingly blunt views on blockchain and cryptocurrency.
Michael Cembalest, Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management, opens the paper with the comment, “Yes, I am turning 60 this May. This obviously renders me too old to comment on this topic.”
For Bitcoin maximalists, he starts by agreeing with one of their core arguments. Cembalest is not alone in questioning the endurance of the U.S. dollar and other fiat currencies, given the scale of the national debt. And he rejects skeptics that say a digital currency can’t emerge as a viable store of value. “I don’t agree; such logic is too rooted in the past and does not account for rapid behavioral changes common in the post-war era,” he wrote.
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