JPMorgan’s strategist considers it feasible that during the next few years USD will be deposited in Bitcoin. Why? We tell you everything!
Bloomberg reported today that a strategist at JPMorgan Chase suggested that insurance companies and pension funds around the world could soon invest $600 billion in Bitcoin.
JPMorgan Continues to Bet on Leading Crypto
Bloomberg reported that, in a Dec. 11 note to investors, JPMorgan strategists suggested that the adoption of Bitcoin Storm is expanding from family offices and wealthy investors to larger investors such as insurance companies and pension funds.
The strategists argued that if the big fish were to invest 1% of their assets in Bitcoin, demand for the leading crypto would increase by an additional $600 billion.
That, to be precise, would be twice their current market capitalization of $356 billion at this time according to CoinMarketCap.
In fact, JPMorgan strategist Nikolaos Panigirtzoglou, wrote that „MassMutual’s Bitcoin purchases represent another milestone in the adoption of Bitcoin by institutional investors.
In this way, he explains that „you can see the potential demand that could arise in the coming years as other insurance companies and pension funds follow MassMutual’s example.
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The digital yuan doesn’t seek to replace the dollar, says former PBoC official
According to the South China Morning Post, Zhou Xiaochuan, president of the China Finance Association and former governor of PBoC, said China’s digital yuan is not intended to replace other fiat currencies such as the US dollar or euro.
Since it was announced, China’s crypto project has generated several debates, especially regarding its impact on other fiduciary currencies.
However, it appears that the digital yuan is not intended to break the leadership of some.
„Some countries are concerned about the internationalization of the yuan. We cannot pressure them on sensitive issues and we cannot impose our will. We must avoid the perception of high-powered chauvinism,“ explained Zhou.
Yuan Digital delivery to start in Shenzhen
Bitwise has a new successful crypto background
Bitwise Asset Management reported today that crypto traders traded more than $67 million in shares of its new crypto index fund during its first three days.
On December 9, the company launched the Bitwise 10 Crypto Index fund and today claims it broke Grayscale’s record.
As of yesterday, the fund had USD 135 million in assets under management and was composed of 75% Bitcoin, 13% Ethereum and 12% XRP, Litecoin, Chainlink, Tezos and others.
Traders no longer dominate Bitcoin
In a few lines…
The CFTC technology team is working on defining a strategy regarding DeFi crypto, according to CoinTelegraph.
Cynthia Lummis said that, in case of a collapse of the traditional system, Bitcoin will become vital.
CNBC’s Jim Cramer said he has acquired more than the leading crypto.