Institutions have resumed their appetite for bitcoin instead of gold, claimed strategists from the giant Wall Street bank JPMorgan Chase & Co. Consequently, they attributed the recent price surge to new multi-month highs to substantial purchases coming from large investors.
Guess Who’s Back?
The demand for bitcoin from institutions is a relatively new concept in the cryptocurrency space. Until 2020, it was negligent at best, but the COVID-19 pandemic and the subsequent extreme measures undertaken by world governments changed the tides.
Bitcoin turned from “magical internet money” into an investment tool that could serve as a hedge against the growing inflation. Prominent investors and institutions started rushing in late 2020 and early 2021, which propelled BTC’s price to shot up to $65,000.
Shortly after, reports started emerging claiming that institutions had stopped accumulating large portions of the cryptocurrency; some even realized considerable gains in mere months an
We współpracy z: https://cryptopotato.com/heres-why-bitcoin-soared-35-in-days-according-to-jp-morgan/
