Analysts at the large investment bank JPMorgan in a regular report said that the rate of the first cryptocurrency could eventually reach $ 650,000.
The report highlights that Bitcoin has benefited from the global COVID-19 pandemic. It has attracted many new investors around the world, with institutional investors increasingly investing in the first cryptocurrency.
“Alternative“ currencies ”such as bitcoin and gold have become some of the assets that have benefited from the pandemic. Gold is up 27% and bitcoin is up 227%, “JPMorgan analysts write.
If bitcoin continues to attract new investors and develop, then the BTC rate may well reach $ 650,000. This will allow the first cryptocurrency to reach the market capitalization of gold. Of course, Bitcoin will take a long time to achieve this goal. However, according to analysts, sooner or later BTC will reach this mark.
The report also notes that recent investments in bitcoin from Ruffer , MicroStrategy and MassMutual indicate an increase in institutional investor interest in the first cryptocurrency. Many other firms could follow the example of these companies, leading to significant inflows of funds into Bitcoin.
Earlier, JPMorgan’s leading strategist Nikolaos Panigirtzoglou expressed confidence that institutional investors could invest up to $ 600 billion in the first cryptocurrency in the coming years.