J.P. Morgan and Chase says Bitcoin Competes with Gold
One of the largest banks in the United States, J.P. Morgan and Chase, is bullish on Bitcoin. In a report on Oct 24, they said Bitcoin now competes with gold citing the recent endorsement from Paypal which in their view will trigger its use as an alternative currency.
Bitcoin’s new-found momentum is, to some degree, fanned by institutional participation especially the entry of Paypal and the doubling down on the coin by some public companies. These companies are adding BTC as part of their investment strategy. In their assessment, J.P. Morgan and Chase said support from the payment processor solidifies Millenials’ use of the currency and that its flow and liquidity would eventually be in a position to compete with gold even though Bitcoin’s market cap must first rise by 10X to match the private sector investment in gold products.
Impact on the BTC Price:
Bullish. Recognition from J.P. Morgan and Chase whose CEO, two years ago said Bitcoin was a fraud, points to reception rather than resistance to digital assets which are largely underexplored.
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