JPMorgan Institutional Investors Replacing Gold With Bitcoin

 

The shift into bitcoin that drove late-2020 all-time highs “has started reemerging in recent weeks,” wrote analyst Nikolaos Panigirtzoglou.

“Bitcoin’s allure as an inflation hedge” is drawing institutional investors back to the crypto market, JPMorgan’s Nikolaos Panigirtzoglou wrote in an Oct. 6 research note to clients.

“There are tentative signs that the previous shift away from gold into bitcoin seen during most of Q4 2020 and the beginning of 2021 has started reemerging in recent weeks,” he said.

Bitcoin prices have surged above $50,000 recently, climbing 85% this year. The price of ether, the native currency of the Ethereum blockchain, has rose 393% year to date.

Meanwhile, gold prices are hovering below $1,800 per ounce, falling 6.5% in 2021.

Panigirtzoglou pointed to “the failure of gold to respond in recent weeks to heightened concerns over inflation” as a possible driver of the return to bitcoin.

Gold is often seen by investors as a hedge against inflation due to the perception it protects purchasing power and the ability to provide defense during market turmoils.

Sources: https://www.coindesk.com/business/2021/10/08/jpmorgan-says-institutional-investors-are-replacing-gold-with-bitcoin/

Bitcoin may tumbled below $30,000 in 2021

Bitcoin tumbled below the US$40,000 mark on Wednesday to a three-and-a-half-month low and dragged down the prices of other digital coins after China imposed fresh curbs on transactions involving cryptocurrencies.

Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but the news from China sent it as low as US$38,514, for a nine per cent fall. 

The cryptocurrency has tumbled nearly 40 per cent from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.

 

Source: https://globalnews.ca and CNA 24/7 Breaking news

Airdrop to New coin balances and get CET Token

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