A team of JPMorgan strategists led by market strategist Nikolaos Panigirtzoglou said that the Bitcoin network’s market value increased by about $700 billion over the last five months despite an institutional capital inflow of only $11 billion.
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‘Bitcoin is better at being gold than gold’: SkyBridge Capital’s Scaramucci
Wall Street Star Anthony Scaramucci also said that if the new digital gold’s market cap reaches just half of old yellow gold’s—about $5 trillion—BTC’s value would increase tenfold
Scaramucci is the latest traditional finance heavyweight to join the ranks of open Bitcoin proponents. As Modern Consensus reported in mid-December, the participation of institutional investors and big-name investors is the main reason why many believe this Bitcoin bull run to be different from the previous ones.
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JPMorgan Chase CEO still isn't a bitcoin fan, but his analysts see it going to $146,000 (Photo: WEF)JPMorgan analysts: Bitcoin will reach $146K, but not soon
The bank predicted that before heading beyond $146,000 Bitcoin would need to significantly decrease its volatility—a process it believes will take years
To do that, it will need to continue attracting large institutional investors. And to do that, Bitcoin would have to become far less volatile than it is now. That’s already happening, the JPMorgan note pointed out, with an analyst suggesting that there’s “little doubt that the institutional flow impulse into Bitcoin is what distinguishes 2020 from 2017.”
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JPMorgan Chase CEO Jamie Dimon is not about to join other big investors on the Bitcoin Train (Photo: World Economic Forum)Still a skeptic: JPMorgan Chase boss Jamie Dimon says ‘Bitcoin is not my cup of tea’
The CEO also predicts there’s trouble brewing for the cryptocurrency if its market cap gets any bigger, warning the U.S. ‘can regulate whatever they want’
Bitcoin’s tantalizing rise to $18,000—a 13% increase in the space of a week—still isn’t enough to impress JPMorgan Chase chief executive Jamie Dimon. However, that isn’t to say that Dimon is skeptical about digital assets or the power of blockchain technology.
