JP Morgan: Bitcoin Will Never Reach $40k Again. Bitcoin: Hold My Beer

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There you have it folks, the Satoshi Nakamoto cryptocurrency had once again shown all the haters that when it comes to cryptocurrency, there is no stopping the wave anymore.

It (briefly) hit a new all time high of $48,000 a couple of hours ago, spurred on by Asian traders who had just woken up to the Tesla investment news.

1 #BTC > $48,000 https://t.co/xfBmgZ2PmQ

— Binance (@binance) February 9, 2021

After Square and PayPal launched a first batch of institutional investment in November last year, which saw Bitcoin go from $15k to $20k, Tesla has invested in Bitcoin directly to the tune of a whopping $1.5 billion dollars.

Financial analysts are probably saying to themselves, if the richest man on earth (Elon Musk) can do it, other Fortune 500 companies will normally follow suit, meaning that institutional acceptance could be round the corner.

That didn’t take long.

Only found out just now, but can see it coming miles away. https://t.co/xt6EnhEV4c

— CZ 🔶 Binance (@cz_binance) February 8, 2021

Anthony Pompliano, the best known Bitcoin fan, stated in response to the news that:

The career risk for every CFO to buy Bitcoin on their balance sheet just disappeared. Every corporation is going to do it.

Congratulations & thank you to @elonmusk & @Tesla on adding #Bitcoin to their balance sheet. The entire world will benefit from this leadership.https://t.co/FVTepBqAI2

— Michael Saylor (@michael_saylor) February 8, 2021

In response, the coin quickly rose to $44k at first, a new all time high. Overnight, it hit $47k and a couple of hours ago $48,000.

It follows some two weeks after investment bank JP Morgan predicted that Bitcoin would possibly never reach the $40k level anymore (this year) as cited in the magazine Entrepreneur.

Looks like someone over at the JP Morgan analyst desk will have to pay a visit to the CEO soon to explain why they got it so wrong.

Regulators

Michael Saylor, the MicroStrategy CEO who first advised Musk to buy Bitcoin directly and put it on his balance sheet, was one of the first to congratulate the Tesla CEO in paving the way for more companies to invest in crypto directly.

bad day for 🐻 bears 🐻

🚀 papa musk goes all-in on bitcoin with $TSLA treasury

📈 $ETH futures launch on CME with much FUD, yet ETH rallies on the open

🪐 we’re going intergalactic 🪐

— Meltem Demirors (@Melt_Dem) February 8, 2021

The next move will probably come from the regulators at this point, but with Tesla and Square having part of their general ledger in Bitcoin, it will be hard to banish the most famous cryptocurrency at this point. Do expect classic media and classic finance to scare the crowds into thinking that it will happen though.

resulmuslu / Depositphotos.com