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JP Morgan Chase: Bitcoin as an Alternative Currency is Here to Stay
Summary: In a new note for clients, J.P. Morgan was optimistic about the long-term prospects of Bitcoin. “Bitcoin’s competition with gold as an ‘alternative’ currency will likely continue as millennials become a more important component of investors’ universe and given their preference for ‘digital gold’ over traditional gold,” says the paper. A subheading declares that preference ...
In a new note for clients, J.P. Morgan was optimistic about the long-term prospects of Bitcoin. “Bitcoin’s competition with gold as an ‘alternative’ currency will likely continue as millennials become a more important component of investors’ universe and given their preference for ‘digital gold’ over traditional gold,” says the paper. A subheading declares that preference is “here to stay.”
The note says: “Fintech innovation and increased demand for digital currencies are the real Covid-19 story with the rise of online start-ups and expansion of digital platforms into credit and payments.” According to J.P. Morgan’s estimates, there are now 58 fintech companies with a market cap over $1 billion, many of which will soon fight with banks for “digital supremacy.”
By Amy Liu
Tags: Alternative Currency,Bitcoin,JP Morgan Chase
Link: JP Morgan Chase: Bitcoin as an Alternative Currency is Here to Stay [Copy]
