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JP Morgan: Institutional traders turning their focus from blockchain to AI

More than half of the institutional traders JP Morgan surveyed said that artificial intelligence and machine learning will be the most important technologies in the next three years. This is four times more often than blockchain and distributed ledger technology. As you know, we have been hearing more and more about AI and the metaverse news.

The e-Trading Edit report from JP Morgan is now in its sixth year. The most recent study was based on a survey of 835 institutional traders in 60 markets around the world that was done in January. The annual trader attitude survey covers a wide range of asset classes and is meant to show “upcoming trends and the most hotly debated topics.”

People and companies are thrilled about AI technologies like ChatGPT right now, and the chaotic bear market in crypto seems to have changed the way people in the financial industry think. Last year, AI and machine learning tied for second place with blockchain and distributed ledger technologies, with 25% of respondents saying they were important for the future. With 29 percent, mobile trading apps came in first place.

AI has 53% more citations than API integration (14%), and blockchain (12%), which are both important areas of technology. Mobile apps, quantum computing, and natural language processing all fell to 7% of the best technologies in 2022.

JP Morgan found that 72% of traders “had no plans to trade crypto or digital currency,” while 14% said they would trade in the next five years.

Still, it was clear from the answers that people thought other players were optimistic about the space.

“Crypto and digital coins, commodities, and credit are predicted to have the biggest increases in electronic trading volumes over the next year,” says the survey. Participants think that crypto will make up 64% of their activity by 2024.

Even though the traders who took part in the study all agreed that electronic trading will keep growing, they also said that rough weather was coming. When asked which future events would have the most impact on markets in 2023, the top answers were the risk of a recession (30%), inflation (26%), and geopolitical war (19%).

The e-Trading Edit research is just one of many studies and analyses that JP Morgan has done on bitcoin and digital assets in the past month. Last week, the company predicted “major problems” for Bitcoin and Ethereum, as well as the rise of Solana, Terra, tokens in the field of decentralized finance (DeFi), and non-fungible tokens (NFTs).

JP Morgan looked at Coinbase’s potential last month and said that the planned Shanghai update for Ethereum “may bring a new era of staking” for the company.

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About MahKa

JP Morgan: Institutional traders turning their focus from blockchain to AIMahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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