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🗞 Bitcoin’s Rivalry With Gold Plus Millennial Interest Gives It ‘Considerable’ Upside Potential: JPMorgan
Bitcoin has proven itself to be a risk asset, not a safe haven, with “considerable” potential upside, according to a Friday note from JPMorgan’s Global Quantitative and Derivatives Strategy team obtained by CoinDesk.
Writing to clients in “Flows & Liquidity,” one of JPMorgan’s flagship publications, the authors said that characterizing bitcoin as a “risk” asset rather than a “safe” asset is “more appropriate” based on the leading cryptocurrency’s increased positive correlation with the Standard & Poor’s 500 Index since March.
Bitcoin’s function as a risk asset is “likely more of a reflection of a need for an ‘alternative’ currency rather than a need for a ‘safe’ asset or ‘hedge’.”
“To some extent, this is also true with gold,” the authors add, although the yellow metal’s volatility is notably lower than bitcoin’s.
How investors currently perceive bitcoin’s value implies that it could “compete more intensely” with gold as an “alternative” currency over the coming years, the analysts wrote. Bitcoin’s role as a gold competitor is amplified by Millennial investors’ interest in cryptocurrency, according to the note, and the inevitability of the younger investor demographic becoming “over time a more important component” of the investor universe.
- JPMorgan on Friday said that Bitcoin is solidly competing with gold as an alternative asset.
- It will likely be down to millennials if the cryptocurrency succeeds.
The bank used to hate Bitcoin—now it sings its praises.
Bitcoin as an investment is solidly competing with gold—thanks to millennials, JPMorgan reportedly said yesterday in a note to investors.
The investment bank said Friday that "the potential long-term upside for Bitcoin is considerable” as millennials “would become over time a more important component of investors’ universe,” according to a report by Business Insider.
The US’s biggest bank by total assets added that "even a modest crowding out of gold as an 'alternative' currency over the longer term would imply doubling or tripling of the Bitcoin price.”
JPMorgan was previously anti-Bitcoin. Its CEO, Jamie Dimon, in 2017 famously called the cryptocurrency “a fraud.”
Cointelegraph Markets: Paul Tudor Jones. Did his investment into Bitcoin spark a new bull cycle?
Max Keiser: First, we need to go back to the Genesis Block and understand that everything that has happened and will ever happen with Bitcoin came into existence at that instant and the world and our species were forever changed. Understand too, that Bitcoin is shaping our world around its protocol in ways that most don’t understand but all are powerless to stop. Within this context, it was clear on Jan. 3, 2009, the genius of the protocol would catch up to the likes of Paul Tudor Jones and warp his mind.
As he said this past week, after studying Bitcoin he’s become more bullish and it's the first time in his career he’s ever encountered an asset he’s buying to hedge against the carnage of runaway inflation that is "pro-humanity." He understands the paradox of the protocol. He understands like Michael Saylor does now (after rejecting Bitcoin for years) that Bitcoin is in control.
The changes to humanity are set in motion and it’s unstoppable. Because Bitcoin rearranges people’s minds and reorders their consciousness, these changes are permanent.
The Chinese will resist going Full Bitcoin the longest and this is their Achilles Heel.
Several metrics that track the activity of previously dormant BTC registered notable spikes in the past 24 hours, as Bitcoin breached the $13k mark for the first time since July.
After a month of relative calm, there's been seen a surge in the activity of BTC that previously remained dormant for more than 2 years:
Long-term investors tend to execute trades based on extensive analysis or intimate market knowledge, which is why sudden changes in HODLer behavior often coincide with major shifts in market conditions and upcoming price volatility.
Bitcoin's Mean Dollar Invested Age has also dipped for the first time in a month, suggesting short-term distribution and potential profit taking by some long-term investors:
🗞 Daily Crypto Calendar, October, 25th💰
- RedFOX Labs (RFOX)
- Golos Blockchain (GLS)
"The hardfork is scheduled for October 25, 20.00 Moscow time."
- SparkPoint (SRK)
"SparkDeFi AMA with CTO and CEO"
- YfDAI.finance (YF-DAI)
- WaykiChain (WICC)
WaykiChain strategically invests in Beekuaibao, tuoluocaijing.cn, and W Broker.
- 🗞 Daily Crypto News & Video, October, 24th💰
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Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.