JMP Securities: crypto industry in nascent stage but heading mainstream
JMP Securities: crypto industry in nascent stage but heading mainstreamJMP Securities: crypto industry in nascent stage but heading mainstreamBitcoinBitcoin

JMP Securities, a leading investment banking and wealth management firm, sees the crypto economy going mainstream. The firm’s analysts believe that early use cases and adoption of cryptocurrencies have accelerated its development. However, the industry is still in its early stages. In a recent report, the analysts wrote in this regard:

‘The crypto market has come a long way in a short period of time. We believe both adoption and early use cases have reached ‘escape velocity’. This takes binary arguments about the fate of cryptocurrency off the table at this point. However, the industry is far from perfect. There are scams, regulation is not yet mature. Moreover, the industry needs more education given the technical aspects, as adoption and usage are not always intuitive.

Nonetheless, people should continue to invest in and develop the industry. At JMP, it is expected that many of the currently imperfect aspects will improve over time. It is believed that the industry is becoming more established, although it is still in the early stages of an exponential, longer-term growth cycle.

Huge boost expected for companies like Coinbase

Analysts at JMP Securities believe that Coinbase is “a bellwether” in the development of the crypto industry. As a result, they conclude that companies like Coinbase will have increasingly greater advantages. This is because the company acts as a provider of infrastructure that helps the industry grow. This is important because the industry is still in the “formative stage”.

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In related news, Blackrock CEO Larry Fink said in an interview with CNBC that he was “fascinated” by people’s interest in cryptocurrencies, particularly Bitcoin. Blackrock currently manages $9.5 trillion in assets, making it the largest asset manager in the world.

Some time ago, Fink went on record saying he agreed with JPMorgan CEO Jamie Dimon that Bitcoin was worthless. Dimon also expressed doubts regarding the cryptocurrency’s limited supply. When asked if he still believed Bitcoin was worthless, he said:

I’m probably more on Jamie Dimon’s side, but I’m fascinated by the interest of so many people. It’s fantastic. I think it’s great that more and more people want to invest in different things. I think it’s a very positive situation. Even though I’m not an expert on Bitcoin and I don’t know where it’s going to go. I can’t say if Bitcoin will go to $80,000 or cost nothing.

He added that he believes in Bitcoin’s role becoming more important in the digital asset industry. According to Fink, currencies like Bitcoin can help consumers around the world.