An executive spokesperson from corporate finance giant, JPMorgan compared the crypto market’s state of affairs to the music industry’s Napster era in the 1990s.
This development came in a press release by Umar Farooq, the head of digital assets at JPMorgan. He drew parallels between the current crypto industry and the music industry in the 90s. Farooq revealed his belief that the crypto industry is seeded for a bright future come what may, similar to the transformation of the music industry to feature seamless streaming services like Apple Music and Spotify.
Umar Farooq’s Parallels Inference
In a statement that Farooq gave to The Daily Hodl, he cited Napster’s ingenious streaming brainchild in the 90s. He said that not everyone could adapt, Napster’s framework was crude at best, however fast forward by 20 years, we have Apple Music and Spotify. Farooq believes that the evolution of the music industry over the last 2 decades, especially the streaming sector was heavily underpinned by Napster’s pilot project.
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He summarily drew parallels between the current crypto market and the evolution of the music industry, stating that the crypto industry is like the ‘Napster’ age and that the advent of the ‘Spotify’ age is yet to dawn.
Farooq described the industry’s innovation speed exaggeratedly, he said that the rate at which the industry features innovations both radical and gradual was dizzying, citing the increasing interest income financial institutions were recovering from their clients.
Bitcoin Is An Established Industry
Farooq believes that the Bitcoin cryptocurrency is now an established industry in its own right, he said that the Bitcoin-led industry had advanced past its ‘jungle’ days and now features a more tamed landscape.
According to additional comments he added after the question and answer session of the press release, Farooq noted the development and evolution of the flagship crypto, Bitcoin from nothing to everything. He stated that Bitcoin had been present for over a decade now and that its inception stage featured slow development and abysmally low relevance, however, the nascent stages followed as people in the globe started to catch up and the crypto started to highlight its relevance.
The maturity stage followed when people started to realize and develop feasible ecosystems around the digital assets leveraging the core principles that define Bitcoin. He concluded by describing the DeFi space as a Cambrian explosion.
Farooq’s statement about cryptocurrency in general mirrors famous JPMorgan analyst Kenneth’s report that was published earlier in January. Kenneth’s report claimed that the crypto assets class will gradually field a sustained increase in relevance globally starting from the traditional finance sectors. He named leading crypto exchange Coinbase as one of the largest beneficiaries as the world phases into the crypto relevance era.
Bitcoin’s Price Movement
Since the beginning of the late Friday night, the number one token started to dump, breaking key psychological supports in its unrelenting downtrend. However, on Saturday the flagship coin, led the market wide sell-off as it features price dump to below $35,000. Before the end of the day, it fell to reach a 7 month all-time low of $34,000 as bears continue to field a crazy momentum.
As of press time, Bitcoin trades at $35,791 per token with a market capitalization of $677.82 billion according to CoinmarketCap.
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