By Hassan Mehmood (Saudi Arabia)
The US largest bank JPMorgan praises Bitcoin and claims investors perceive Bitcoin as an alternative investment tool to gold.
Best Gold Alternative Investment
In an explaining note to investors, financial giant JPMorgan writes Bitcoin has captured the position of gold alternative thanks to millennials. According to the US investment bank, Bitcoin would gain more exposure with time, and a long term bullish position for Bitcoin is imminent. According to the latest report by Business Insider, millennials will soon join Bitcoin’s investors.
JPMorgan further says that BTC price would gain a triple growth in price if a capital out of gold goes into the top digital asset over the long term perspective.
Usually, crypto members see Bitcoin as the best store of value investment but it can be used as an internet currency. The investment bank says the primary cryptocurrency would be used to buy things besides its function as a store of value. The utility and value of Bitcoin will increase over time if more and more economic giants accept it as a way of payment.
Also read:Most Bullish Commentary
On JPMorgan’s praise for top cryptocurrency, macro investor Dan Tapiero called it a “most bullish commentary for bitcoin that I have read from JP Morgan.”
Comparatively, Bitcoin is a “small asset class” and it needs time to onboard in the list of mainstream assets in investors’ universe. Its price would get tenfold if it catches a significant portion the gold’s market. Currently, the market cap of gold is in trillions of dollars, but the BTC market cap is just standing at $242 billion.
In the past, the investment bank was having very negative feelings for Bitcoin as JPMorgan’s CEO Jamie Dimon called it “a fraud.”
But due to some recent events in the social and economic world, the bank has become a strong supporter of the world’s top cryptocurrency. For instance, it has approved the requests of cryptocurrency exchanges, Gemini and Coinbase, for the opening of bank accounts.
In his recent interview, MicroStrategy CEO Michael Saylor claims Bitcoin is “million times better than gold.” The company has a plan to hold it instead of selling it, says Saylor.
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