Bitcoin Price Could Hit $650K According to JP Morgan
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According to JP Morgan, the pandemic impact and the likely path to global economic recovery favor a continued rise in Bitcoin demand.
Gold and Bitcoin have been the pandemic’s primary beneficiaries in relative terms growing their assets (for investment purposes) by 27% and 227%, respectively. The primary driver has expanded Bitcoin adoption among financial institutions and companies. Investors and individuals have also increased participation in Bitcoin ownership. The latest trend moved Bitcoin to an all-time high and up to $34,000 on some exchanges.
From now on, the economic impact of the pandemic will turn into government-led recoveries. Alternatives to cash and fiat currencies will continue to benefit investors seeking to retain or improve value. While JP Morgan predicts the lofty goal of $650,000, the experience in 2020 shows the marketplace is volatile. The upward curve will not always be smooth.
Apart from the rise in value, Bitcoin’s adoption rate has also increased. All over the world, many 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 invested in Bitcoin. Institutional investment into the market is again spiking as many companies are channeling large amounts into Bitcoin.
There is no need to be a prophet to predict that Bitcoin prices will rise in 2021. However, it will be a good investment for you to be cautious and be aware of Bitcoin price fluctuations instantly by following our blog.