J.P. Morgan Analysts Say Bitcoin’s Value Could Triple, Challenging Gold
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Bullish on Bitcoin
The analysts offer a pro-Bitcoin position based on assessments of the current market and emerging trends. Bitcoin has emerged in global markets as a potential hedge against monetary policies that drive inflation. Like gold, many investors see Bitcoin as an asset that does not depend on monetary policy for its value. In determining Bitcoin’s growth and investment potential, the bank’s analysts looked at current investments and long-term trend data.
Expanding Markets for Bitcoin
The use of Bitcoin has grown in recent years to include companies that seek to hold the asset as a hedge against unwanted economic changes. They include Square’s decision to add $50 Million of cryptocurrency to its balance sheet. The use of Bitcoin as a corporate asset suggests the Canadian trend of converting cash reserves to Bitcoin continues in the US.
PayPal’s decision to offer Bitcoin to its customers will increase potential buyers by a significant number. PayPal can offer cryptocurrency to more than 350 million active accounts.
The New Safe Harbor
Gold is a traditional safe harbor for investors seeking to balance a portfolio and hedge against volatility. The demographic trend suggests a divide between older and younger population groups. For many younger investors, Bitcoin has a certain appeal. A higher percentage of millennial investors prefer Bitcoin to gold as a hedge. This emerging trend can support a doubling or more in the cryptocurrency’s value.
J.P. Morgan analysts provide a helpful analysis of the growth potential for Bitcoin. Koinal provides a safe, convenient, and efficient method for adding Bitcoin to your portfolio. We are ready to help start to expand your cryptocurrency participation. Open an account today!