JPMorgan analysts have shared their views on the adoption of bitcoin as a legal currency in El Salvador, reported Market Insider. The bank portrays the move as a “problematic experiment,” demonstrating a high-time preference rationale and a profound lack of understanding of Bitcoin and its incentives.

“El Salvador’s ill-conceived experiment should not be critical for the future of bitcoin or cryptocurrencies,” the analysts said. “Crypto markets suffered from El Salvador’s glitches this week, but that was from a frothy backdrop.”

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