JPMorgan: Bitcoin Is Big Only Due to Inflation. Bitcoin has risen to $66,000 per unit over the past few days.
27 Oct 2021, 08:00
JPMorgan: Bitcoin Is Big Only Due to Inflation
Bitcoin has risen to $66,000 per unit over the past few days. The currency is trading higher than it ever has in roughly 12 years, and everyone seems to be ogling the asset that at one point was considered a bubble and a tool for crime.
Bitcoin Is Helping People Cope with the Wounds of FiatAs of late, there is plenty of speculation regarding what could have made bitcoin surge in such a way. Some believe it’s the fact that a bitcoin-based exchange-traded fund (ETF) is now available for trading on the New York Stock Exchange (NYSE). This is the first time such a product has been issued after several years’ worth of rejections by the Securities and Exchange Commission (SEC).
However, according to analysts at financial powerhouse JPMorgan, this has nothing to do with bitcoin’s present price surge. Rather, people are getting involved in the market for one simple reason… They are worried about inflation.