JP Morgan highlights Square's investment in Bitcoin

by in Cryptocurrency News


One of the largest investment banks, JPMorgan, commented on earlier information about the decision of the IT company Square to invest in bitcoin.

Related: Square Gets $50 M Worth of Bitcoin

The financial giant believes this is another step towards popularizing the cryptocurrency industry.

Recall that Square recently invested $50 million in BTC. The bank's press center emphasized that the growing investment in digital currency from a variety of companies speaks of a qualitative change in the attitude of business to the crypto sphere.

With such a statement, JP Morgan commented on the purchase of bitcoins not only from Square but also from MicroStrategy, which invested $ 425 million in cryptocurrency.

Investment bank analysts believe that soon, other IT companies and financial structures will more actively enter the crypto sphere.

The strengthening of demand for bitcoin has been observed over the past two quarters. This trend will stimulate further growth in the value of BTC.

Analysts at JP Morgan associate the September rollback of bitcoin with the overbought asset in July-August. At the same time, in the long term, the coin will maintain upward movement dynamics, as confidence in this instrument continues to grow.