AI crypto hugely popular, JP Morgan shares a possible reason

Blockchain was one of the most popular techniques for institutions to invest in, according to various studies last year. But a lot has happened lately. Thus, 2022 was not only the landscape of a deep bear market, it was also the emergence of artificial intelligence (AI) or also Artificial Intelligence. Institutes now consider this significantly more important than blockchain.

Blockchain and crypto become less popular

That writes JP Morgan in a report on a survey. The investment bank surveyed 835 institutional investors from 60 different markets worldwide. A year ago, 25% of those surveyed thought that blockchain was the most important development, and another 25% thought that AI and the associated term Machine Learning would become this. Now a whopping 53% think AI will be the most important change. Only 12% believe that blockchain will have this role by 2023.

This huge turnaround will undoubtedly be due to the introduction of ChatGPT, a wildly popular AI application from OpenAI. You can ask questions to this computer model, after which you will receive an ‘intelligent’ answer. The program also had a lot to say about Bitcoin (BTC) and Ethereum (ETH). Yet there was also a lot of criticism. In any case, it caused a huge stir, and this is reflected in JP Morgan’s research.

Inflation less now great fear

The picture of the economy for the coming year has also changed considerably. At the beginning of 2022, 48% thought inflation had the biggest impact on the market, while 13% thought the economy and financial markets were focusing on the wrong things. 13% even thought that the corona pandemic could throw too much a spanner in the works. Only 5% thought the chance of a recession was a problem.

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Now the fear of inflation has given way to fear of a recession (30%). Yet 26% are still deeply concerned about inflation. 19% find geopolitical conflicts the main source of concern, although it is not clear whether it concerns the situation with Russia and Ukraine or other conflicts.

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