JP Morgan Chase is a popular American investment bank and financial services holding firm. According to a recent note to investors, JP Morgan Chase cited that investors are returning back to holding more Bitcoin due to Bitcoin being a better hedge against inflation than gold.
Bitcoin has seen a massive price pump of more than 35% since September end. It is currently trading above $56,000 and has a market capitalization of more than $1 trillion.
In the note from JP Morgan, which was published on site Bitcoinmagazine.com, the bank also noted that the positive assurances from the US treasury not to ban cryptocurrencies and the use of bitcoin as real currency in El Salvador, through payment solutions such as the Lightning Network have also put more faith and trust back into Bitcoin.
Lightning Network is a decentralized ‘second layer’ payment solution that makes transactions off-chain rather than on-chain due to which transactions are instant and the fees are low.
This statement from one of the largest banking corporations in the US is a positive sign for the cryptocurrency world.
Crypto Beginning - Bitcoin, Ethereum, Crypto News and Price Updates Newsletter
Join the newsletter to receive the latest updates in your inbox.