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JPMorgan Sees $600 Billion Demand for Bitcoin From Global Institutional Adoption
JPMorgan’s analysts have predicted significant demand for bitcoin following the $100 million purchase of the cryptocurrency by Massmutual. The analysts believe that other traditional investors, including pension funds, will follow suit, leading to a conservative estimate of $600 billion demand for bitcoin.
$600 Billion Demand for Bitcoin JPMorgan Chase’s analysts wrote a note Friday explaining why they see significant demand for bitcoin. They explained that the recent investment of $100 million in the cryptocurrency by mega insurer Massachusetts Mutual Life Insurance Co. (Massmutual) highlights “the potential for additional institutional demand for the cryptocurrency in coming years,” Bloomberg conveyed. The note adds that the purchase “suggests adoption of bitcoin is spreading from family offices and wealthy investors to insurance firms and pension funds.” The JPMorgan analysts further detailed, “Massmutual’s bitcoin purchases represent another milestone in the bitcoin adoption by institutional investors,” elaborating: One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow Massmutual’s example. Read more...
Cryptonaire Weekly | December 15th 2020
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