JPMorgan makes note of growing institutional interest in BTC

JPMorgan makes note of growing institutional interest in BTC
фото показано с : invezz.com

2020-11-10 10:50

Bitcoin’s (BTC) potential was following the world’s largest currency ever since the moment it was launched. However, while this was immediately clear to retail crypto users, institutions took a significantly longer period to be convinced. But, it is finally starting to happen, and they are massively buying BTC.

Bitcoin as an alternative to gold

When Bitcoin first emerged, it seemed like a promising decentralized payment system. However, as the crypto industry grew, people started thinking that this ‘digital gold’ can maybe even replace the real one someday.

While this is still far from actually happening, the idea has been spreading, and now, even institutional investors are beginning to see this possibility.

Grayscale Investment’s Bitcoin Trust, for example, outperformed gold ETFs because of that new interest. According to JPMorgan, many who used to invest in gold-based products are now turning to BTC.

Analysts think that this increase in GBTC confidence is a clear sign that demand for Bitcoin comes from large institutions, as well, and not just the younger generations who have been particularly optimistic about emerging technologies.

Bitcoin approaches dangerous levels

JPMorgan repeated its previous statement about the potential long-term upside for BTC, noting that it is quite considerable. Bitcoin, according to the bank, comes as an alternative currency to gold, although its market cap would still need to be 10 times larger in order to match the private sector’s investment in gold via bars, coins, and ETFs.

However, JPMorgan also issued a warning for investors, noting that Bitcoin might be closing in on overbought levels, based on a sharp price spike that happened over the last seven days.

In other words, while institutional investors are developing an ever-growing interest in BTC, they must also remember to remain cautious. Bitcoin is still not nearly as stable as many would like to think it is. As such, it is both, an opportunity and a risk.

The post JPMorgan makes note of growing institutional interest in BTC appeared first on Invezz.

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btc clear convinced immediately however retail period

Источник: invezz.com

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