The volatility of the cryptocurrency market has always been a much discussed topic among analysts and industry experts. Speaking to Yahoo! Finance, Travis Kling, the Chief Investment Officer of Ikigai Asset Management, touched upon the reasons for the market’s current volatility, as well as developments in the cryptosphere.
During the discussion, Kling was asked whether Bitcoin’s sudden jump to the $5000 market was because of the fact that large volumes of crypto are held by institutions. The Ikigai executive replied,
“Despite the entry of several institutional players into the market, the world of cryptocurrencies is still dominated by individuals. We are at the top of the second innings and when you look at things from an overall spectrum, the world is just understanding the technology. There is just so much more to go in terms of what we can achieve in the space.”
Travis Kling was then asked about Ripple and XRP. Kling claimed that XRP was being challenged by several other institutions, with JPMorgan’s JPM Coin being one of the main contenders. Kling added,
“JPM Coin is like the value proposition for Ripple. Ripple will try as much as they can to show that XRP has fundamental value but when you have banks like JP Morgan coming into the space it becomes difficult. There are some banks in Japan too that are working on creating an internal private permission less coins that is aimed to challenge XRP’s use cases.”
Recently, JPMorgan was again in the cryptocurrency news after the World Bank revealed that the largest bank in the United States was developing “innovative cross-border payment solutions.”
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