JPMorgan tells investors Bitcoin is the next big thing

Bitcoin is increasingly starting to compete with gold. This is because millennials are investing massively in the currency, JPMorgan said in a message.

JPMorgan thinks Bitcoin has a great future

The investment bank said on Friday that the potential long-term benefit to Bitcoin is significant. This is because over time millennials will become a more important part of the investing world.

America’s largest bank added that even if BTC takes only part of the value of gold, it can triple the price of the currency.

In addition, JPMorgan said that, although Bitcoin is usually labeled as a store of value, the currency can be used for what it was originally intended for: buying things.

“Cryptocurrencies gain value not only because they serve as a store for wealth, but also because of their utility as a means of payment,” said the bank. “The more companies accept cryptocurrencies as a means of payment in the future, the higher their utility and value.”

Is Bitcoin going to overtake gold?

Bitcoin is still a fairly small asset class, the bank said. To catch up with gold, its value would have to increase tenfold. Bitcoin’s market cap is $ 242 billion, according to CoinMarketCap. On the other hand, the gold market is worth several trillion dollars.

The positive statements from the bank are striking. This is because JPMorgan used to be anti-Bitcoin. The CEO, Jamie Dimon, even called the cryptocurrency ‘fraud’ in 2017. The bank has since become more crypto-friendly and praises Bitcoin.

Source link by

*The article has been translated based on the content of Source link by
. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!

These were the details of the news JPMorgan tells investors Bitcoin is the next big thing for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi Arabia, China discuss collaboration in urban development during Beijing meeting