JPMorgan Strategist Skeptical of Bitcoin

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The Street

By Dan Weil ‘Bitcoin’s volatility continues to be ridiculously high, and its volatility often rises along with stock market volatility,’ a JPMorgan Michael Cembalest says. Michael Cembalest, chairman of investment strategy for JPMorgan, is skeptical about bitcoin and other cryptocurrencies. First, there’s the issue of whether bitcoin is a store of value. In a commentary published Feb. 3, he says a digital store of value could exist. But bitcoin doesn’t meet two of his criteria: volatility settling into a range consistent with store of value investing, and that value going up or remaining stabl…

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