JP Morgan Makes "Most Bullish Commentary" For $13k Bitcoin

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A research report named “Flows & Liquidity” from financial behemoth JP Morgan was received with incredulity among gold investors as the American bank stated that in its conclusion that:

Even modest crowding out of gold takes bitcoin up multiples.

It was gold investor Dan Tapiero who highlighted the widespread research piece reaches all clients of the bank. According to him, the kicked was the PayPal announcement of earlier this week which will serve as “cover” for other traditional players to get involved.

Holy Cow

Most bullish commentary for #bitcoin that I have read from JP Morgan

“Even modest crowding out of #GOLD takes #bitcoin up multiples.”

Widespread research piece reaches all clients of the bank.

Paypal announcement “cover” for other traditional players to get involved. pic.twitter.com/lUd8oYQ77h

— Dan Tapiero (@DTAPCAP) October 23, 2020

The research report stated that:

This week’s endorsement by Paypal is another big step toward corporate support for Bitcoin, which in our opinion would facilitate and enhance over time Millennials’ usage of Bitcoin as an alternative currency.

As it happens, JP Morgan might just have chosen a very good weekend to release that research report as Bitcoin had just now closed above $13k. Social media is lighting as it happens of course.

It comes just as more and more Wall Street analysts are convinced that the best known crypto could act as a hedge against the US dollar dropping further due to excessive money printing by the Federal Reserve. Fidelity Investments has recently launched crypto investment products and two publicly traded companies, Square and MicroStrategy, announced that they simply bought Bitcoin.

For all these reasons, JP Morgan also noted that they indeed see “strong growth in institutional investor interest” in Bitcoin.