“Market liquidity is currently much lower for Bitcoin than in gold or the S&P 500, which implies that even small flows can have a large price impact," JPMorgan’s Nikolaos Panigirtzoglou said today.
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Bitcoin bull run ‘unsustainable’ unless volatility decreases: JPMorgan
According to the bank’s strategists Bitcoin’s rise since January ‘appears to have been more influenced by speculative flows’ which could render its price unstable
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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168-year-old MassMutual's marketing focuses on its history—thus ads with the oldest U.S. lighthouse, Boston Light—but it's buying BTC for the future (Photo: Pickist)U.S. insurance giant’s $100M BTC investment a milestone in institutional adoption: JPMorgan
A JPM Managing Director said if pension funds and insurers in the U.S., euro area, U.K., and Japan allocate 1% of assets to bitcoin, demand would grow by $600 billion; Mad Money’s Jim Cramer jumps in
In a recent note to investors, Panigirtzoglou said that the recent acquisition of $100 million worth of Bitcoin by United States-based insurance giant Massachusetts Mutual Life Insurance is a rather important event for the story of the asset. “MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors," said Panigirtzoglou. "One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example.”
