According to the major multinational investment bank, JP Morgan, Bitcoin could hit $650,000 in the near future. The bank said that the world’s leading cryptocurrency could hit this level at some point, especially if factors contributing to Bitcoin’s rise continue.
In its final Flows and Liquidity report for 2020, JPMorgan said that the coronavirus pandemic boosted Bitcoin considerably. The investment bank said that both Bitcoin and gold benefited quite well from the pandemic.
“Alternative ‘currencies’ such as Gold and Bitcoin have been the main beneficiaries of the pandemic in relative terms growing their assets (for investment purposes) by 27% and 227%, respectively.”
Bitcoin is on course to end the year with a continuance of its bullish performance. The asset’s current rally began just as November was rounding up and continued until Bitcoin hit its previous all-time high, surpassed it, and jumped to $24,000 on a few exchange platforms.
Apart from the rise in value, Bitcoin’s adoption rate has also increased. All over the world, a lot more people are getting into the market, investing, trading, and using the king coin as a medium of exchange. A good number of institutional players have also caught the Bitcoin bug. Institutional investment into the market is also spiking as many companies are channeling large amounts into Bitcoin.
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