An executive from JP Morgan has drawn a comparison between the current state of Crypto and the state of the music industry in the 90s.
Umar Farooq, head of the digital asset unit of the bank, said that crypto markets are in the “Napster” age.
Napster, the first peer-to-peer file sharing platform, used to share music, was launched in 1999.
Farooq also was surprised with the innovation that has been made in the digital asset space, which had led to an increase in the interest of the people. Farooq believes that now crypto is an established industry attracting a large ecosystem.
Kenneth Worthington, an analyst at JP Morgan, earlier this month said that crypto technology would become more important in financial services, he also predicted that crypto exchange Coinbase would be the biggest beneficiary from this trend.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
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