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JPMorgan Sees $600 Billion Demand for Bitcoin From Global Institutional Adoption
JPMorgan’s analysts have predicted significant demand for bitcoin following the $100 million purchase of the cryptocurrency by Massmutual. The analysts believe that other traditional investors, including pension funds, will follow suit, leading to a conservative estimate of $600 billion demand for bitcoin.
$600 Billion Demand for Bitcoin
JPMorgan Chase’s analysts wrote a note Friday explaining why they see significant demand for bitcoin. They explained that the recent investment of $100 million in the cryptocurrency by mega insurer Massachusetts Mutual Life Insurance Co. (Massmutual) highlights “the potential for additional institutional demand for the cryptocurrency in coming years,” Bloomberg conveyed. The note adds that the purchase “suggests adoption of bitcoin is spreading from family offices and wealthy investors to insurance firms and pension funds.”
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Dec 14, 2020 07:17 GMTCrypto News
Institutions are likely to continue buying Bitcoin in the coming years, as adoption becomes mainstream.
Bitcoin is holding above $19,000 after another rejection from $19,500.
Institutions worldwide have been increasing their uptake of Bitcoin, suggesting that adoption is currently on the express lane. According to JPMorgan Chase & Co, this demand could keep rising in the coming years.
Massachusetts Mutual Life Insurance Company purchases $100 million of BTC.
JP Morgan narrowed down on Bitcoin’s growing demand after the Massachusetts Mutual Life Insurance Co. bought Bitcoin worth $100 million. The institutions buying Bitcoin have expanded from family offices and high net worth individuals to insurance firms and pension funds. According to Strategists at JPMorgan:
Quote To Start The Day: We’re really trying to encourage progress, not to force it.
Source: Adena Friedman
One Big Thing In Fintech: Massachusetts Mutual Life Insurance Co. is jumping into the institutional bitcoin game with a $100 million investment in bitcoin and a $5 million equity stake. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to: