JPMorgan turns bullish on Bitcoin citing ‘potential long-term upside’

JPMorgan turns bullish on Bitcoin citing ‘potential long-term upside’

JPMorgan (NYSE:), the $316 billion investment banking giant, said the potential long-term upside for (BTC) is “considerable.” This new optimistic stance towards the dominant cryptocurrency comes after PayPal allowed its users to buy and sell crypto assets.

The main factor put forward by JPMorgan’s Global Markets Strategy division is Bitcoin’s competition with gold. The note, obtained by Business Insider, reads:

The monthly Bitcoin price chart. Source: TradingView.com

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