JPMorgan Estimates Institutions Could Put $600 Billion Into Bitcoin

JPMorgan Estimates Institutions Could Put $600 Billion Into Bitcoin
HeadlinesNewsJPMorgan Estimates Institutions Could Put $600 Billion Into Bitcoin

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JPMorgan Estimates Institutions Could Put $600 Billion Into Bitcoin

U.Today1 month ago
Published on December 14, 2020 06:02 GMT+0edited on December 14, 2020 06:08 GMT+0

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JPMorgan Chase, the largest U.S. bank, has estimated that up to $600 billion could potentially flow into Bitcoin, Bloomberg reports.

For this to happen, insurance companies and pension funds in the U.S., Europe, and Japan have put just one percent of their assets into the world’s largest cryptocurrency.   

MassMutual is setting a new trend

In his recent note, JPMorgan analyst Nikolaos Panigirtzoglou writes that Bitcoin is primed for growing institutional demand in the coming years.

As reported by U.Today, Massachusetts Mutual Life Insurance Company — which has $235 billion in its investment account — stunned the cryptocurrency industry with its $100 mln cryptocurrency bet.     

He predicts that more institutions are going to follow MassMutual’s suit, thus triggering a domino effect:     

“MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors.