Bitcoin is the next big thing according to JPMorgan’s statement to investors
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Answer Bitcoin is the next big thing according to JPMorgan’s statement to investors
In a note published by “JP Morgan” last Friday, directed to investors, it was stated that Bitcoin as an investment competes strongly with gold thanks to the millennial generation.
According to source The statement of the investment bank “JP Morgan” came as follows:
The potential long-term upside for Bitcoin is significant.
As millennials will over time become a more important component of the investor world.
The largest bank in the United States by total assets added:
Bitcoin is in the process of crowding out gold despite the modest value of Bitcoin at the moment, but in the long term the price of Bitcoin could triple.
Read:Why does Binance dominate spot and futures trading volume for cryptocurrency?
Although Bitcoin is usually classified as a store of value, JPMorgan told JPMorgan that the largest cryptocurrency by market capitalization could be used for what it was originally designed to do: buy things and transact with currency in everyday life.
According to the aforementioned source, JPMorgan sees cryptocurrencies as deriving their value not only because they act as a store of wealth but also because of their usefulness as a means of payment.
He told JPMorgan in this regard:
The more economic agents accept cryptocurrencies as a means of payment in the future, the higher their usefulness and value.
The bank added that bitcoin is still a small asset class, and in order to catch up with gold, it will have to multiply in value tenfold.
Bitcoin’s market capitalization is currently $241 billion, according to CoinMarketCap.
While the gold market is worth several trillion dollars.
JPMorgan was previously unfavorable to bitcoin.
Its CEO, Jamie Dimon, became famous in 2017 for coining the term “scam.”
But since then, the bank has become more crypto-friendly, with the bank talking a lot about Bitcoin
Read:Ethereum is testing the $1,500 level, and Bitcoin is hitting a new monthly high
He also approved the creation of bank accounts for cryptocurrency exchanges Coinbase and Gemini.
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