JPMorgan, a leading American bank, declared that Institutional investors are now turning away from Bitcoin to invest in gold. Such claims come after the crypto market witnessed a bearish attitude since last week. As a response, institutional investors now prefer gold, a more stable asset, to BTC. Although, the bank still trusts that BT would hit $140,000 with time.
Are you a Bitcoin investor? What are your thoughts regarding the current situation in the cryptocurrency industry? True enough, some industry experts view the BTC fluctuations as a usual thing in the virtual markets. Keep in mind that Bitcoin has had dips and corrections throughout its journey.
Industry experts believe that institutional investors have been backing Bitcoin’s success, sending it to its all-time highest in April, more than $64,000. For instance, Wall Street investors started viewing bitcoin as a reliable investment and poured billions of money into the product this year. Some like Square and Microstrategy have been publicizing their bitcoin deals. You are probably aware that Tesla invested billions of money into bitcoin early this year. However, the company declined BTC dealings after some months.
Also read:JPMorgan predicts an end to this trend. The financial institution expressed its views after the current drops witnessed in the bitcoin and crypto market. Keep in mind that BTC futures markets had the steepest and highly sustained liquidation since the bullish trend last October.
JPMorgan Believes BTC Would Hit $140,000.
It seems to be the worst week in the Bitcoin market as far as this year is concerned. The world’s leading digital assets sank to under $32,000 after several months before rebounding. As of now, BT is trading at around $39,400.
JPMorgan still believes BTC will hit the $140,000 targeted regardless of the massive fluctuations. Keep in mind that the bank predicted that the coin would rise to that highs early in January when bitcoin was trading at about $30,000.
Joyce Chang, a research official at JPMorgan, said that most institutional investors are skeptical about Bitcoin investments due to the high volatility surrounding the market at the moment. The official stated that the current volatility is about four times of equities and gold. Volatility might have to reduce for investors to think otherwise.
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