JP Morgan analyst Nikolaos Panigirtzoglou explained what could lure investors back to cryptocurrencies.
The cryptocurrency market has found a solid footing, laying a come-back foundation for major Wall-Street players, said Nikolaos Panigirtzoglou, JP Morgan analyst, in an interview to CNBC’s “Futures Now”. According to Panigirtzoglou, as stability sets in, the interest in the blockchain technology will continue to grow while the crypto bubble phase has already passed.
“The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future,” Panigirtzoglou said. “The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.”
He added that cryptocurrency growth is reined in by lack of regulatory framework. He didn’t rule out that the kind of framework will be set within years, as regulators are always slow and not keen to welcome innovations.