JP Morgan Did Not Remain Silent to El Salvador's BTC Move

JP Morgan did not remain silent in El Salvador's acceptance of Bitcoin as legal currency and said that this move could trigger other countries.

JP Morgan did not remain silent to El Salvador's BTC move. JP Morgan, one of the largest investment banks in the USA, is one of the most followed banks because of the reports it prepared on Bitcoin and cryptocurrencies and the reviews it sends to its customers. The bank did not remain silent that the Central American country El Salvador recently accepted Bitcoin as legal money and commented on this move.

“It Can Trigger Other Countries Too”

The US bank likened El Salvador's move, which had a great impact in the cryptocurrency world, to the countries that accepted the US dollar as legal currency in the early 2000s, and expressed the following in its evaluation note: “As in the early 2000s, this move seems to have been focused on growth rather than stability concerns. So far, the acceptance of Bitcoin as legal currency has not made any tangible economic contribution. However, such movements may be the beginning of effects that may trigger other small countries and a new trend may emerge.”

It Also Attracted The IMF

Before the meeting with the International Monetary Fund (IMF) after El Salvador accepted Bitcoin as the national currency, the official of the institution, Gerry Rice, stated that this step would bring many economic and legal problems, and he openly said that they were against this situation. It is said that El Salvador, which came to the agenda with its move towards Bitcoin, is trying to get a loan of approximately 1 billion dollars from the IMF.