The investment banking company JPMorgan has come a long way regarding Bitcoin, and most of its thinking is about its worth. Recently, it predicted the Bitcoin price would rise to $146,000, which is more aggressive than other predictions from financial experts.
Quite a few market experts have stated that Bitcoin has replaced gold, and JPMorgan is among them. But they weren’t always happy about cryptocurrency. So they’ve done quite a bit of flip-flopping over the last couple of years.
Billionaire and Chief Executive Officer of JPMorgan Chase, Jamie Dimon, once said that Bitcoin was worthless. Then, in an interview with CNBC, he said he could care less about it. But he doesn’t feel that way anymore. After watching Bitcoin’s strength and abilities over the last few years, JPMorgan has done a 180 on digital currency.
JPMorgan global market strategist Nikolaos Panigirtzoglou has made some very bold statements about Bitcoin recently, and it would appear JPMorgan has turned itself around:
“Digital assets have emerged as a clear winner post the pandemic, with retail investors joining institutional investors such as family offices, hedge funds and real money asset managers including insurance companies in propagating the asset class.”
Bitcoin was doing phenomenally before the pandemic, and it has emerged triumphant this year. Starting at $29,000 at the beginning of the year, the Bitcoin price has climbed to nearly $67,000. That’s about a 230% increase in less than a year. Of course, investments don’t typically work that way, but Bitcoin has created millionaires since it was first released.
JPMorgan joins a long line of institutions that have changed its mind about the powerhouse cryptocurrency. More and more institutions are accepting Bitcoin as currency, while more people worldwide are taking it as payment. A proper person-to-person payment solution, Bitcoin is turning heads, and some of them are the most powerful heads in the world.
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