Among the investors surveyed, 12.6% have invested in a crypto asset, while only 12.1% of them held an investment in any precious metal. About one third of those cryptocurrency buyers invested in digital assets for the first time following the March 2020 market crash that came with the beginning of the coronavirus pandemic, the report said. And, half of the new crypto buyers plan to become hodlers, with no intention of selling anytime soon.
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Bitcoin is the "poorest hedge" against a market downturn, according to JPMorgan analysts (Photo: Pxfuel)As Bitcoin breaks into trillion-dollar club, JPMorgan calls it an ‘economic sideshow’
The bank’s analysts believe that Bitcoin is becoming a more cyclical asset, turning the cryptocurrency into the ‘poorest hedge’ against a stock market downturn
Despite that, JPMorgan’s “Digital transformation and the rise of fintech: Blockchain, Bitcoin and digital finance 2021” concluded that “Bitcoin is here to stay as an 'alternative' currency.” According to the Feb. 18 report, current Bitcoin prices greatly exceed JPMorgan’s estimates of its fair value, based on mining costs and its risks compared with gold.
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Bitcoin hits $40,000—briefly
The first cryptocurrency made it past a psychologically powerful barrier on the heels of a weakening dollar and growing acceptance by mainstream investors and financial institutions
Bitcoin briefly cracked $40,000 on Jan. 7, reaching a new all-time-high of $40,180.15 at 1:21 p.m. EST according to CoinGecko. It then plummeted nearly $3,000 before jumping back to its current $39,200.
