Titan Bank JPMorgan recommends delisting Bitcoin (BTC) amid high recession risks: Report
The director of global strategy at JPMorgan Asset Management is said to have warned investors to avoid Bitcoin (BTC) as the threat of a recession looms.
In a new Bloomberg report, David Kelly says there is more risk of recession and further volatility.
“The economy has fallen into a recession and another step is banana peels.” Kelly's comments come after US Federal Reserve Chairman Jerome Powell's speech at the Fed's annual meeting rattled markets last Friday. Powell said that the Fed's main goal is to bring inflation back to 2% and therefore has no plans to cut rates in the short term.
“The Federal Reserve is overestimating the strength of the U.S. economy because they feel guilty about the fact that inflation has risen under their watch. .”
The JPMorgan strategist also predicts the economy will feel “more normal” by the end of 2023. He suggests staying away from Bitcoin and large-cap tech stocks. He also recommends selling crypto.
“Make sure you consider US and international values, as well as stocks with relatively low price-to-earnings ratios.”
Bitcoin is trading at $20,341 at the time of writing. The top-rated crypto asset by market capitalization was flat on the day and down nearly 7% over the past seven days.
Read Bloomberg's full story with Kelly here.
Aug 31, 2022