JPM likes bitcoin for the long haul. News of such broke over the weekend following a nearly 15% rise in the price of the world’s number one digital asset in the previous 7 days.
From reports: “As the JPMorgan strategist writes, echoing what we said last December, “the older cohorts prefer gold, while the younger cohorts prefer bitcoin as an “alternative” currency. Both gold & bitcoin ETFs have been experiencing strong inflows this year, as both cohorts see the case for an “alternative” currency.”
Moreover: “This means that mechanically “the market cap of bitcoin would have to rise 10x from here to match the total private sector investment to gold via ETFs or bars and coins”, and while that may be optimistic (it would send the price of bitcoin to $130,000), even a modest crowding out of gold as an “alternative” currency over the longer term would, according to JPMorgan, imply “doubling or tripling of the bitcoin price from here.”
At Inveniam, we’re a data company embracing the pivot towards unlocking value in the biggest financial market of them all: private assets. While we hold no position or view on BTC price, we welcome the collective acceptance of the DLT, tech, and currencies as they pertain to a global economy that is more resistant to manipulation.