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Bitcoin Adoption by Institutions Has Only Just Begun: JP Morgan Analyst

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Fri, 12/11/2020 - 16:07
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Yuri Molchan
High-net-worth individuals start showing interest in Bitcoin, and JP Morgan says billions in cash would flow from gold into BTC
Bitcoin Adoption by Institutions Has Only Just Begun: JP Morgan Analyst
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In its recent article, Bloomberg has cited JP Morgan analyst Nikolaos Panigirtzoglou, the author of the bank's recent report that admits Bitcoin may attract more investor funds in the future as a safe haven asset.

In the report, the analyst pointed out that financial institutions and high-net-worth individuals are gradually warming up to Bitcoin and starting to acquire it, showing further interest.

Bitcoin adoption by financial institutions has just started, he stated.

BTC
Image via Bloomberg

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Among many other loud cases of major companies and old-school billionaires converting to Bitcoin this year or changing their tune on it are MicroStrategy and Massachusetts Life Insurance company.

In addition, there is Grayscale, which has been actively acquiring Bitcoin, and Squarewhose CEO, Jack Dorsey, has been pro-Bitcoin for quite a while already.

Nikolaos Panigirtzoglou wrote in the report that Bitcoin accounts for 0.18 percent of assets held by family offices compared to 3.3 percent in gold ETFs.

Thus, he hinted that, once funds start pouring from gold to Bitcoin, it would equal billions in cash.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.