JP Morgan Makes “Most Bullish Commentary” For $13k Bitcoin

Last Updated on 25 October 2020 by CryptoTips.eu


Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]

A research report named “Flows & Liquidity” from financial behemoth JP Morgan was received with incredulity among gold investors as the American bank stated that in its conclusion that:

Even modest crowding out of gold takes bitcoin up multiples.

It was gold investor Dan Tapiero who highlighted the widespread research piece reaches all clients of the bank. According to him, the kicked was the PayPal announcement of earlier this week which will serve as “cover” for other traditional players to get involved.

The research report stated that:

This week’s endorsement by Paypal is another big step toward corporate support for Bitcoin, which in our opinion would facilitate and enhance over time Millennials’ usage of Bitcoin as an alternative currency.

As it happens, JP Morgan might just have chosen a very good weekend to release that research report as Bitcoin had just now closed above $13k. Social media is lighting as it happens of course.

It comes just as more and more Wall Street analysts are convinced that the best known crypto could act as a hedge against the US dollar dropping further due to excessive money printing by the Federal Reserve. Fidelity Investments has recently launched crypto investment products and two publicly traded companies, Square and MicroStrategy, announced that they simply bought Bitcoin.

For all these reasons, JP Morgan also noted that they indeed see “strong growth in institutional investor interest” in Bitcoin.