JPMorgan Says BTC Institutional Demand to Reach $600B

by in Cryptocurrency News

JPMorgan about BTC

New-York based multinational investment bank and financial services company JPMorgan Chase Co finds it possible for bitcoin flow to reach $600 B.

Related: MassMutual invested $ 100 million in bitcoin

Data shows that insurance companies and pension funds in the U.S., Europe, and Japan have put just one percent of their assets into the world’s leading cryptocurrency. However, JPMorgan believes that the amount will considerably grow in the near future.

What are the reasons to think so? Nikolaos Panigirtzoglou, the Managing Director of the company mentioned that the case of MassMutual's investing $100 M in bitcoin shows that BTC adoption is expanding. Panigirtzoglou anticipates that more institutions will follow MassMutual’s example.

On the other hand, JPMorgan CEO, Jamie Dimo isn't so optimistic about Bitcoin and his opinion differs from those of the company's strategists.

Generally, the opinions about this asset are extremely different. Supporters note that BTC is becoming more and more popular due to the dollar decline and find it an alternative to gold. At the moment the asset trades above $19.000.