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.
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.