JPMorgan named 3 reasons for the rise in the price of bitcoin
In a report to clients, analysts at the investment bank JPMorgan highlighted three reasons for the October rise in Bitcoin value. The report states that the main reason for the cryptocurrency’s rise in price is due to the increased demand for it from institutional investors.
“Institutional investors appear to be returning to bitcoin perhaps seeing it as a better inflation hedge than gold,” the JPMorgan report said.
Other reasons include the fact that U.S. authorities have said they are not planning tough restrictions against cryptocurrencies, as China has done. Also one reason is the legalization of bitcoin in El Salvador.