By James Davis
Over 50% of the institutional traders who took part in JP Morgan’s survey said that machine learning and AI (Artificial Intelligence) would significantly influence and shape the future of trading in the next few years. JP Morgan reported that currently, AI technology is more popular than blockchain.
JP Morgan is a worldwide recognized financial services provider. Monday’s e-Trading report was drawn from a survey conducted last month involving over 800 institutional traders in about 55 global markets. The report is usually announced annually and intends to reveal the hottest topics in the financial market.
JP Morgan Report Shows AI Popularity Has Grown Since 2022
The ongoing crypto winter, coupled with the increasing hype over AI technology such as ChatGPT, appears to have influenced the financial industry professionals’ outlook. In 2022, blockchain and AI came in second, with 27% approving them as key to the future, while mobile trading apps led with 30%.
Today, JP Morgan reports that AI technology is leading the park, with over 55% declaring it key to the future. Further, API integration came in second with 15%, while blockchain is third with 13%. Surprisingly, mobile trading apps fell to 8% alongside natural language processing and quantum computing.
Meanwhile, the JP Morgan report shows that nearly 70% of institutional traders had no plans to buy crypto or any other digital asset anytime soon. However, 20% of the traders indicated they were bullish on crypto. According to the report, These traders predicted that in 2024 there could be a massive bull run.
Traders Highlight Possible Factors Likely to Impact Financial Market
While JP Morgan’s survey found the traders were in agreement that electronic trading would keep growing, they also anticipated a bumpy road ahead. The traders believe several developments could impact the market this year, including the recession risk, geopolitical conflict, and inflation.
The e-Trading report is among the several reports JP Morgan released in the past two months relating to crypto. A few weeks ago, the company reported that Ethereum and Bitcoin could face significant challenges this year. It also noted that Solana was becoming popular in the DeFi and NFT spaces.