JP Morgan: Bitcoin could be the new gold

posted 6 days ago
Bitcoin could join gold as a reliable, long-term way to store wealth as the cryptocurrency gains users and value in a craze which JP Morgan’s analysts believe may turn into something resembling a more traditional asset class.

The digital currency now trades at more than $11,000 and both Cboe Global Markets and the CME Group plan to start offering bitcoin futures this month.

This move to join more formal financial markets “has the potential to elevate cryptocurrencies to an emerging asset class,” according to JP Morgan analyst Nikolaos Panigirtzoglou.

The stance is particularly surprising because JP Morgan’s chief executive and chairman Jamie Dimon has long been a high profile critic of bitcoin.

Tags: opinion, bitcoin