J.P. Morgan – Bitcoin can compete with gold
J.P. Morgan as one of the world’s oldest, largest and well known financial institutions, released a report this week called “Bitcoin’s competition with gold”.
This report was published by Alex Kruger, an economist and trader, on his Twitter, who noted how rapidly J.P. Morgan changed thier mind, back in 2017 one of the officials stated that “Bitcoin is a fraud and will blow up”. Currently they are comparing BTC with gold.
The company mentioned four important points in the report in which it described its current view of Bitcoin.
As you can see in the first point J.P. Morgan did not forget to pick up an important announcement and decision from PayPal, which is a big step forward for Bitcoin as an alternative currency. In the second point, the company recognizes the long-term growth potential where BTC competes more intensively with gold.
J.P. M. also points to the market cap where Bitcoin still has at least 10 times the room to grow if it wants to match the total private sector investment in gold via ETFs or bars and coins.
In the last point, the company points out that vulnerabilities are building in Asian FX vs. USD and agricultural commodities.