JPMorgan Chase: No Economic Benefit to Bitcoin Adoption in El Salvador

JPMorgan Chase & Co has thrown cold water on El Salvador’s major decision to adopt bitcoin as its official currency, according to U.T. Today. In a recent report, JPMorgan Chase wrote that it would be “difficult” to see any “tangible economic benefits” from adopting bitcoin. JPMorgan added that El Salvador’s decision to adopt bitcoin as its second form of legal tender could jeopardize its negotiations with the International Monetary Fund (IMF). Worse, JPMorgan claims that this event could affect the way larger economies treat bitcoin.