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29 November 2020

JPMorgan turns bullish on Bitcoin citing ‘potential long-term upside’

JPMorgan turns bullish on Bitcoin citing ‘potential long-term upside’


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JPMorgan, the $316 billion investment banking giant, said the potential long-term upside for Bitcoin (BTC) is “considerable.” This new optimistic stance towards the dominant cryptocurrency comes after PayPal allowed its users to buy and sell crypto assets.

The analysts also pinpointed the large valuation gap between Bitcoin and gold.

First, Bitcoin has to rise 10 times to match the private sector’s gold investment.

One of the advantages Bitcoin has over gold is utility.

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.

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cointelegraph.com
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