Cryptocurrencies don’t stand a chance at usurping national currencies, according to JPMorgan. That’s because they fail to meet the major criteria of a currency. Even if they did, the network effect of major currencies is too strong.
You might have heard this before.
Cryptocurrencies are a bad store of value and a bad unit of account. As such, they’re a bad form of money.
JPMorgan made that case in a wide-ranging note on cryptocurrencies