Cryptocurrencies

JP Morgan thinks Bitcoin (BTC) may have entered a bullish phase – Cryptocurrencies

They will all end up kneeling in front of Bitcoin (BTC) – good kneeling maybe too strong : banks, governments and even Peter Schiff who is already playing a double game to avoid admitting his wrongs.

JP Morgan reveals the 3 reasons for a Bitcoin bullish. Bitcoin is no longer a scam?

JP Morgan, PayPal and gold: all behind BTC

A document published by the division Global Markets Strategy of JP Morgan reveals the 3 factors in favor of a long-term uptrend for Bitcoin.

In a tweet on October 24, 2020, the economist Alex Krüger did not fail to highlight the change in position of JP Morgan who had taken his turn Bitcoin.

JP Morgan Bitcoin BTC

Source : Image via Twitter

In 2017, JP Morgan considered Bitcoin like a large-scale scam that would eventually explode.

His recent bullish forecast on Bitcoin are most likely linked to the announcement of the expansion of the activities of PayPal in the cryptocurrency market.

One of the main reasons supporting this increase would be the potential of Bitcoin against gold.

If the BTC confirms its status as the main competitor to gold as a hedging asset and establishes itself as an alternative currency, in particular thanks to millennials, the probability of a rise in the price of BTC would then be higher.

The appetite of institutions and millennials for Bitcoin

To support the growth potential of Bitcoin, its value must be multiplied by 10, which would allow it to match the level of private sector investment in gold.

The proven utility of cryptocurrencies, as evidenced by the growing interest of institutional investors, is another indicator in favor of a Bitcoin bullish.

Analysts JP Morgan point out that one of the main advantages of Bitcoin is its dematerialized nature which makes it easier to transfer or move unlike physical gold.

Millennials are likely to be in favor Bitcoin on the long term – beware, the Pentagon has already trained with its war game to counter a possible Zbellion.

The increase in the value and usefulness of cryptocurrencies is positively correlated with their rate of adoption.

Other institutions will certainly join the ranks of US companies that have already made the bet on BTC. MicroStrategy continues to dive into Bitcoin. Halving certainly mechanically increases the scarcity of friendly BTCs, with the gargantuan appetite of the BTC markets and the mass entry of millennials into the bitcoinsphere, you will have to queue to hope to acquire a few satoshis in the markets. BTC shortage in sight, refuel today.

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