JP Morgan Analyst: Bitcoin Could Receive $600 Billion from Institutions
Bitcoin could end up receiving $600 billion from institutions in coming years, according to a JP Morgan analyst, Nikolaos Panigirtzoglou. It comes at a time when the Bitcoin price rose from around $17.7k adding $1k, rising to over $19k on Monday. JP Morgan is bullish on crypto assets even though CEO Jamie Dimon is calling for suitable regulations to help catalyze institutional demand.
Several attributes make Bitcoin attractive. Of the many, it is the coin transiting to become a store-of-value, just like the yellow metal. The influx of institutions in 2020 right at a time when investors are looking to diversify away from traditional assets has seen cryptocurrencies benefit. Bitcoin has more than doubled in the last three quarters. The projection from JP Morgan is, therefore, a massive boost for cryptocurrencies as a whole. It helps the legitimization of digital assets held with skepticism from some governments and cautious conservative investors.
Impact on the BTC Price:
Bullish. Admittedly, retailers are taking a backseat in the current wave, enjoying what’s largely been described as an institutional pump. If JP Morgan’s projections come true, the BTC price could easily pump above $20k.
More market updates on our Blog