JPMorgan: Most Cryptocurrencies Are Junk

Umar Farooq, head of the blockchain division of JPMorgan, has said that most of the crypto assets on the market are junk and the real use cases for digital currencies are underdeveloped.

He has noted during the Green Shoots organized by the Monetary Authority of Singapore that regulation is lagging behind the growth of the industry, which deters many traditional financial institutions from participating in the market.

Farooq has added:

“Most cryptocurrencies are still junk, really. Except, I would say, a few dozen tokens. Everything else that has been mentioned, either noise or frankly, will just go away.”

The Onyx CEO also believes the technology of the crypto industry is not mature enough to be used in TradFi. For example, to conduct high-value transactions between institutions or host products such as tokenized bank deposits.