Nikolaos Panigirtzoglou, a Global Marketing Strategist at JPMorgan, said that Bitcoin could make a comeback on Wall Street once the market stabilizes. Back in December, Nikolaos Panigirtzoglou authored a report that found major companies were losing interest in cryptocurrencies but seems to have changed his stance.
In an interview on CNBC’s “Futures Now” on February 5, the JPMorgan strategist said that the current market situation was most likely temporary and that he expects the institutional interest in Bitcoin to grow.
“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,” he said. “The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.”
Panigirtzoglou believes that large institutional investors will begin re-entering the space as blockchain technology grows more important. However, he noted that, while imminent, the adoption could be years away.
“The big obstacle is regulators right now,” Panigirtzoglou said, adding that regulatory oversight is a “bit slow to realize.”