JPMorgan Flips Its View on Bitcoin

JPMorgan Flips Its View on Bitcoin

By Abhimanyu Krishnan | News | 26 Oct 2020

Multinational investment bank JPMorgan Chase has changed its stance on Bitcoin (BTC), now saying that Bitcoin could easily double or triple its value. Business Insider published a report on October 23 having obtained an internal note discussing the asset.

  • The JPMorgan Global Markets Strategy division examined Bitcoin’s value in the long run, especially against an alternative currency to gold
  • The note says that the “the potential long-term upside for bitcoin is considerable as it competes more intensely with gold”
  • The team also notes that millennials would be driving investment forward, as they put more of their capital into investments
  • According to the note, even a “modest crowding” could double or triple Bitcoin’s price
  • It also concedes that it could become more valuable as a means of payment, as more economic agents begin to accept the asset
  • The bank derided Bitcoin only as recently as 2017, saying that Bitcoin is a “fraud” and that the bubble would burst; it recently called Square’s $50 million investment in Bitcoin a “strong vote of confidence”
  • The bank is also working on an Ethereum-based enterprise solution for a network of 300 banks

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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