I feel like some people in Bitcoin community also hold a similar belief, that Bitcoin will go to the moon as soon as fiat, stocks and traditional economy will collapse. So, it seems like both them and JP Morgan think that crypto and fiat can't coexist, and one must fail in order for the other to succeed.
They're wrong. A booming crypto is a luxury afforded by booming conventional markets. The money going into it doesn't appear from a vacuum. It's from people earning in fiat and cashing out other assets. In several decades it could conceivably be something you could move into and never look back.
Until then it's dependent on the health of everything else out thereBut the same can be said with respect to any asset out there
I assume some people are going to come up with the idea that gold doesn't belong to this category, i.e. when everything falls gold rises. But it is not so. Gold just happens to fall slower in value under such circumstances even if its price denominated in fiat money (say, the dollar) may in fact be rising. The bottom line is that you can't actually take Bitcoin (or crypto in general) and say it is a luxury as everything else would be a luxury in this context (apart from bare necessities like water, food, shelter)