{"id":96915,"date":"2020-10-24T22:30:20","date_gmt":"2020-10-24T19:30:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/jpmorgan-turns-bullish-on-bitcoin-citing-potential-long-term-upside\/"},"modified":"2020-10-24T22:30:20","modified_gmt":"2020-10-24T19:30:20","slug":"jpmorgan-turns-bullish-on-bitcoin-citing-potential-long-term-upside","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/jpmorgan-turns-bullish-on-bitcoin-citing-potential-long-term-upside\/","title":{"rendered":"# JPMorgan turns bullish on Bitcoin citing \u2018potential long-term upside\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25b2b978c7b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25b2b978c7b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/jpmorgan-turns-bullish-on-bitcoin-citing-potential-long-term-upside\/#JPMorgan_hints_at_three_major_reasons_for_a_BTC_bull_ma\" >JPMorgan hints at three major reasons for a BTC bull ma<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/jpmorgan-turns-bullish-on-bitcoin-citing-potential-long-term-upside\/#How_long_would_it_take_for_BTC_to_close_the_gap_with_gold\" >How long would it take for BTC to close the gap with gold?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># JPMorgan turns bullish on Bitcoin citing \u2018potential long-term upside\u2019 <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">JPMorgan, the $316 billion investment banking giant, said the potential long-term upside for Bitcoin (BTC) is \u201cconsiderable.\u201d This new optimistic stance towards the dominant cryptocurrency comes after PayPal allowed its users to buy and sell crypto assets.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">JP Morgan, from &#8220;Bitcoin is a fraud and will blow up&#8221; in 2017 to &#8220;Bitcoin\u2019s competition with gold&#8221; in 2020. <\/p>\n<p>We&#8217;ve come a long way. <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/t.co\/xceabkHaVJ\">pic.twitter.com\/xceabkHaVJ<\/a><\/p>\n<p>\u2014 Kr\u00fcger (@krugermacro) <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/krugermacro\/status\/1319793505703776259?ref_src=twsrc%5Etfw\">October 24, 2020<\/a><\/p><\/blockquote>\n<p>The main factor put forward by JPMorgan\u2019s Global Markets Strategy division is Bitcoin\u2019s competition with gold. The note, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/markets.businessinsider.com\/currencies\/news\/bitcoin-price-considerable-upside-forecast-competes-gold-alternative-currency-jpmorgan-2020-10-1029716041#\">obtained<\/a> by Business Insider, reads:<\/p>\n<blockquote><p>&#8220;The potential long-term upside for bitcoin is considerable if it competes more intensely with gold as an &#8216;alternative&#8217; currency we believe, given that Millenials would become over time a more important component of investors&#8217; universe.\u201d<\/p><\/blockquote>\n<p>The analysts also pinpointed the large valuation gap between Bitcoin and gold. At least $2.6 trillion is said to be stored in gold exchange-traded funds (ETFs) and bars. In contrast, the market capitalization of BTC remains at $240 billion.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"JPMorgan_hints_at_three_major_reasons_for_a_BTC_bull_ma\"><\/span>JPMorgan hints at three major reasons for a BTC bull ma<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>JPMorgan\u2019s note essentially emphasized three major reasons to support the long-term growth potential of Bitcoin.<\/p>\n<p>First, Bitcoin has to rise 10 times to match the private sector\u2019s gold investment. Second, cryptocurrencies have high utility. Third, BTC could <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eal to millennials in the longer term.<\/p>\n<p>Following the integration of crypto purchases by PayPal and the rapid increase in institutional demand, Bitcoin is increasingly being viewed as a safe-haven asset.<\/p>\n<p>There is a massive difference in the valuation of gold and Bitcoin. Albeit the former has been recognized as a safe-haven asset for a long period, BTC has many distinct advantages. JPMorgan analysts said:<\/p>\n<blockquote><p>\u201cMechnically, the market cap of bitcoin would have to rise 10 times from here to match the total private sector investment in gold via ETFs or bars and coins.\u201d<\/p><\/blockquote>\n<p>One of the advantages Bitcoin has over gold is utility. Bitcoin is a blockchain network at its core. That means users can send BTC to one another on a public ledger, efficiently and practically. To transfer gold, there needs to be physical delivery, which becomes challenging.<\/p>\n<p>As seen in many cold wallet transfers, it is easier to move $1 billion worth of capital on the Bitcoin blockchain than with physical gold. The bank\u2019s analysts further explained:<\/p>\n<blockquote><p>&#8220;Cryptocurrencies derive value not only because they serve as stores of wealth but also due to their utility as means of payment. The more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/e65fed9c-9f0b-439e-ac73-232da0715916.png\"\/><figcaption style=\"text-align: center;\">The monthly Bitcoin price chart. Source: TradingView.com<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"How_long_would_it_take_for_BTC_to_close_the_gap_with_gold\"><\/span>How long would it take for BTC to close the gap with gold?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin is still at a nascent stage in terms of infrastructure, development, and mainstream adoption. As Cointelegraph reported, only 7% of Americans previously bought Bitcoin, according to a study.<\/p>\n<p>Some major markets, in the likes of Canada, still lack a well-regulated exchange market. Large banks are yet to provide custody of crypto assets, and that gives Bitcoin a large room to grow in the next five to ten years.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/jpmorgan-turns-bullish-on-bitcoin-citing-potential-long-term-upside\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# JPMorgan turns bullish on Bitcoin citing \u2018potential long-term upside\u2019 &#8221; JPMorgan, the $316 billion investment banking giant, said the potential long-term upside for Bitcoin (BTC) is \u201cconsiderable.\u201d This new optimistic stance towards the dominant cryptocurrency comes after PayPal allowed its users to buy and sell crypto assets. JP Morgan, from &#8220;Bitcoin is a fraud&#8230;<\/p>\n","protected":false},"author":1,"featured_media":96916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/b33ff39e-9e0b-449b-acc6-f3d50b60f0b6.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,77071,75802,77072,71835,73711,73785,70359],"class_list":["post-96915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-financial-institututions","tag-jpmorgan","tag-millennial","tag-gold","tag-investments","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/96915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=96915"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/96915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/96916"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=96915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=96915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=96915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}