Smart People are Betting on Bitcoin: JP Morgan Head
Jamie Dimon of JP Morgan, one of the world’s well-capitalized global banks, may be skeptical of Bitcoin for its lack of regulation and means of verification. However, in a New York Times’s DealBook Conference on Wednesday, the banker said some very smart people are betting on Bitcoin.
Analysts have reiterated that the current Bitcoin rally isn’t pumped by retailers. Rather, the influx of well-capitalized regulators and high net-worth investors plus the legitimization of Bitcoin by Iran help in steady and pushing prices to new 2020 highs. Yesterday, the Bitcoin price rallied above $18,200 less than 12 hours after crossing $17,000. At this rate, the probability of the digital gold price rallying to above $20,000 and registering a new all-time high remains high.
Impact on the BTC Price:
Bullish. Jamie Dimon once said Bitcoin was “fraud.” He has since apologized but remains apprehensive of unregulated Bitcoin and cryptocurrencies but bullish on blockchain. His comments that “very smart people” are now getting involved is a confidence boost for traders searching for entries.
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