JPMorgan Struggles to Find 'Tangible Benefits' For El Salvador's Bitcoinization

[Jaya60]

El Salvador's president declared Bitcoin as legal tender this week. JPMorgan's analysts aren't impressed. On Wednesday night, El Salvador declared Bitcoin as legal tender. The country’s authoritarian president, Nayib Bukele, spent the rest of the week promoting his Bitcoin nation, setting up mining farms in volcanoes and relishing in his new status as a monetary maverick.
For investment bank JPMorgan, the move to Bitcoin is no cause for celebration. “There are clearly important implications for that country,” analysts wrote in a note today, “but it is difficult to see any tangible economic benefits associated with adopting Bitcoin as a second form of legal tender" alongside the US dollar.source