JPMorgan Does an About Face, Turns Bullish on Bitcoin

2020-10-24 21:00

Wall Street bank JPMorgan has surprisingly turned bullish on bitcoin’s medium to long-term growth potential.

In its latest Flows & Liquidity report, JPMorgan reportedly stated that bitcoin will compete favorably with gold as an alternative currency in the coming years, as millennials take up a larger share of the total investment picture.

The contents were publicly revealed by Dan Tapiero, co-founder of 10-T Holdings, which is an investment fund focused on digital assets. Writing on his Twitter account, Tapiero expressed surprise at the bank’s uncharacteristically positive assessment of bitcoin.

Holy Cow

Most bullish commentary for #bitcoin that I have read from JP Morgan

"Even modest crowding out of #GOLD takes #bitcoin up multiples."

Widespread research piece reaches all clients of the bank.

Paypal announcement "cover" for other traditional players to get involved. pic.twitter.com/lUd8oYQ77h

— Dan Tapiero (@DTAPCAP) October 23, 2020

“Bitcoin Will Rival Gold”

Flows and Liquidity, which is edited by J.P. Morgan global market strategist Nikolaos Panigirtzoglou, previously expressed similar thoughts about bitcoin’s long-term growth potential. This time, however, the assessment went into great detail to analyze why the bank believes bitcoin has such vast upside potential.

According to the excerpt published by Tapiero, the comparison between bitcoin’s $240 billion total market cap and gold’s $2.6 trillion total stored value presents a massive growth opportunity for bitcoin. This is because as millennials take a bigger share in the total investment picture, they are likely to favor bitcoin over gold, at least to a modest extent. This leaves at least $2.2 trillion worth of value currently stored in gold bars potentially open for bitcoin investors to gobble up.

A quote from the excerpt provided by Tapiero reads:

“Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price from here. In other words the potential long term upside for bitcoin is considerable as it competes more intensely with gold as an ‘alternative’ currency we believe, given millennials would become over time a more important component of the investors’ universe.”

Bitcoin Bullishness Matches JPMorgan’s Assessment

According to the Flows and Liquidity excerpt, corporate trends including PayPal’s recent announcement are already having a significant positive net effect on bitcoin’s price. This is expected to continue. BeinCrypto recently reported that bitcoin jumped 7% after PayPal decided to permit users to buy, sell and hold crypto from January 2021.

TradingView: Bitcoin

The bank’s overall assessment is that while bitcoin remains susceptible to price shocks due to profit-taking in the short term, its long-term prognosis remains very positive due to the expected millennial shift from gold to bitcoin.

The post JPMorgan Does an About Face, Turns Bullish on Bitcoin appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66682.02 (+0.09%)
Объем 24H $16.951b
Изменеия 24h: -0.29 %, 7d: 8.24 %
Cегодня L: $66619.5 - H: $67668.16
Капитализация $1313.666b Rank 1
Цена в час новости $ 13096.57 (409.16%)

bitcoin jpmorgan bullish alternative currency gold compete

Источник: beincrypto.com

bitcoin jpmorgan → Результатов: 126


Фото:

As Grayscale’s Big BTC Unlock Nears, JPMorgan Puzzles Over $23,000 Bitcoin Price ‘Fair Value’

Bitcoin has continued to play out in tight range since it found ground in the $29,000 area, a support area that was last established on diverse dates in January this year. Whereas most observers seem to only harbor a bullish bias, JPMorgan has constantly held that that Bitcoin could further drop to $23,000 before gathering […]

2021-7-14 22:12


Джейми Даймон советует держаться подальше от Bitcoin

Генеральный директор американского банковского гиганта JPMorgan меняет свое мнение о Bitcoin как перчатки: от заявления о возможном принятии, до полного отрицания. JPMorgan снова говорит о Bitcoin Несколько лет спустя, когда JPMorgan Bank решил перейти на продукты, ориентированные на криптовалюту, мы могли ожидать, что Джейми Даймон изменит свое мнение по вопросу о Биткойнах и криптовалютах.

2021-5-29 13:36


JPMorgan Analysts Call for $146,000 Long-Term Bitcoin Price Target

With the increased institutional adoption of Bitcoin due to worldwide economic and social factors, the leading cryptocurrency can no longer be ignored. According to JPMorgan analysts via Bloomberg, gold may continue to lose market share: “Bitcoin may have the potential for substantial further gains over the long term as it competes with gold for investment … Continued The post JPMorgan Analysts Call for $146,000 Long-Term Bitcoin Price Target appeared first on BeInCrypto.

2021-1-6 16:36


Фото:

В JPMorgan рассказали о реальной цене bitcoin

Исследователи американского финансового холдинга JPMorgan считают, что реальная стоимость bitcoin остается ниже той, что установлена в отношении актива на рынке. Соответствующие выводы специалистов представлены в материале Bloomberg.

2020-1-13 12:34


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Wall Street Veteran Says Ripple IPO Is Coming – Here’s When

A Wall Street financial specialist has made a compelling case for Ripple’s IPO, predicting that the crypto payments provider would launch its IPO in the coming year.   Ripple IPO Imminent Bestselling author and Wall Street investment expert, Linda P.

Jon Stewart Claims Wall Street is as Corrupt as Sam Bankman-Fried

Jon Stewart has criticised Wall Street in his podcast, comparing it to the alleged corruption of former FTX CEO Sam Bankman-Fried. He discussed the issue with Mark Cuban, who agreed with him. The post Jon Stewart Claims Wall Street is as Corrupt as Sam Bankman-Fried appeared first on BeInCrypto.