Institutions buying Bitcoin rather than gold as inflation cranks up: JPMorgan
According to JPMorgan this week’s rally has been driven by institutional investors hedging against inflation with Bitcoin. Bitcoin (BTC) has led a 35% rally this week by soaring far above the $50,000 resistance level and restoring a $1 trillion market capitalization to the asset. According to a note shared by JPMorgan with clients on Thursday, the recent increase in price for BTC was predominantly attributed to institutional investors looking for a hedge to inflation. "The re-emergence of inflation concerns among investors has renewed interest in the usage of Bitcoin as an inflation....
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Institutions need to keep buying to avoid a price drop, JPMorgan analysts say, but the outlook is rosy and will come at the expense of gold. Institutional investors may be all that’s pushing up the price of Bitcoin (BTC), a new report from JPMorgan Chase claims.In comments on Dec. 18 quoted by Bloomberg, strategists led by Nikolaos Panigirtzoglou added to recent forecasts about the role of institutions in Bitcoin’s future.JPMorgan: Bitcoin "overbought"According to JPMorgan, the largescale inflows seen this month must continue to avoid a price correction. As Cointelegraph reported, theories....
Gold bug and economist Peter Schiff has warned that the seeming ease in inflation for the United States economy is nothing to get too excited about, as Shark Tank star billionaire Mark Cuban is facing a class action lawsuit for allegedly promoting a “massive Ponzi scheme.” In other news, JPMorgan CEO Jamie Dimon thinks “something worse” than a recession could be coming, and popular play-to-earn (P2E) blockchain game Axie Infinity hits $4B in sales and announces the removal of SLP rewards from classic mode. This is the Bitcoin.com News Week in Review.
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Global investment bank JPMorgan says institutional investors are returning to bitcoin, seeing the cryptocurrency as a better hedge than gold. The firm’s analysts describe three key drivers boosting the price of bitcoin in recent weeks, including assurances that U.S. policymakers will not ban cryptocurrencies.
JPMorgan Sees Renewed Interest in Bitcoin
JPMorgan published a research note Thursday stating that institutional investors are returning to bitcoin. Citing the trend of money flowing out of gold into BTC, the firm’s analysts wrote:
Institutional investors....
Global investment bank JPMorgan says inflation concerns are pushing the price of bitcoin to record highs, rather than interest in recently launched bitcoin futures exchange-traded funds (ETFs). Noting that investors are pulling out of gold ETFs into bitcoin funds, the firm noted, “The flow shift remains intact supporting a bullish outlook for bitcoin into year-end.”
JPMorgan Sees Inflation Driving up the Price of Bitcoin
JPMorgan Chase’s analysts, led by Nikolaos Panigirtzoglou, published a research note last week explaining that inflation has been driving....
JPMorgan does not expect a bull run for Bitcoin over the medium term based on the BTC-to-gold volatility ratio. As Bitcoin (BTC) price failed to hold its breath above the $35,000 yesterday, JPMorgan expects an overall bearish movement below the critical price level based on the BTC-to-gold volatility ratio. In a note sent to investors on Wednesday, JPMorgan detailed its reasoning to see the fair value of Bitcoin between $23,000–$35,000 over the medium term. The banking giant previously pictured a $140,000 roadmap if the biggest cryptocurrency matches gold’s allocation and volatility....