JPMorgan named 3 reasons for the rise in the price of bitcoin

The other day the value of Bitcoin reached $55 thousand and analysts from JPMorgan highlighted several reasons why it happened.
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.

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Bitcoin The first and most popular cryptocurrency.
The first and most popular cryptocurrency.

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