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JPMorgan predicts Bitcoin demand to rise beyond $600 billion

JPMorgan predicts Bitcoin demand to rise beyond $600 billion

JPMorgan Chase, one of the world’s largest investment banks, stated in a research note that the current Bitcoin adoption by mutual life insurance company MassMutual shows the potential for supplementary institutional demand. The bank estimates a demand of approximately $600 billion for Bitcoin in the future. He prophesies that more institutions are going to accompany MassMutual’s action, therefore triggering a domino effect.

JPMorgan Strategist discusses Bitcoin’s future demand.

Following the official note, JPMorgan described that if insurance companies, family offices, and pension funds choose to designate a small portion to cryptocurrencies, it will lead to massive demand. The note issued by strategist suggested that insurers and pension funds are suffering regulatory barriers for entering the crypto market. The bank anticipates financial services companies from the U.S., Japan, the EU, and the UK to designate approximately 1% of Bitcoin assets, with an anticipated Bitcoin demand of $0.6 trillion.

According to Nikolaos Panigirtzoglou, the bank’s quantitative strategists present a volatile short-term Bitcoin forecast; the long-term picture seems concrete. He appended that BTC is supposed to take benefit of huge outpourings from Gold ETFs. Panigirtzoglou added that the adoption of Bitcoin by institutional investors has only started.

Proponents express their views on BTC.

Bitcoin has dropped after surging a skyrocketing demand from the commencement of December. However, it continues to remain in tandem with the $20,000 level. Proponents contend that the cryptocurrency is gaining widespread attention as a portfolio diversifier due to the dollar’s weakening. Others remain cautious of such extraordinary claims since the crypto world is associated with high volatility and malicious scams.

Moreover, in 2017, Jamie Dimon, the CEO of JPMorgan, advocated Bitcoin as a fraud and threatened to dismiss JPMorgan traders engaged in Bitcoin trading. However, Jamie Dimon, the CEO of JPMorgan, is still suspicious of Bitcoin. His opinions do not significantly relate with those of the bank’s strategists who appear to become more bullish on the crypto. It appears that the bank has swapped its tone entirely on cryptocurrencies.

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