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JP Morgan Chase | JP Morgan | bitcoin investment | bitcoin news


Quick take

1 minute read

  • According to a recently published research noted by the institutional conglomerate JP Morgan Chase, institutional investors are now preferring the world of cryptocurrency over the precious-metal of gold.
  • Specifically, the analysts highlighted that throughout October, one of the biggest digital asset managers in the world, Grayscale saw a cumulative inflow on its bitcoin trust. 

According to a recently published research noted by the institutional conglomerate JP Morgan Chase, institutional investors are now preferring the world of cryptocurrency over the precious-metal of gold.

Specifically, the analysts highlighted that throughout October, one of the biggest digital asset managers in the world, Grayscale saw a cumulative inflow on its bitcoin trust. On the other side of things, Gold exchange-traded funds had “modest inflows” since the middle of last month.

The report notes:

“What makes October flow trajectory for the Grayscale Bitcoin Trust even more impressive is its contrasts with the equivalent flow trajectory for gold ETFs which overall saw modest outflows since mid-October.”

Essentially, this report is indicating that many institutional investors who once preferred gold, are now shifting towards bitcoin as a preferred alternative.

Because of the high demand from both institutional and retail investors in bitcoin, it has resulted in an increased demand for the bitcoin trust from Grayscale.

Interestingly, it was highlighted in the report that this trend could have the potential for a positive impact long-term when it comes to bitcoin being a store of value. If the king coin is able to continue competing so well against its precious-metals alternative, it could further establish recognition as a legitimate financial asset in the markets.

For more news on this and other crypto updates, keep it with CryptoDaily!

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2020-11-10 14:30:00

Adrian Barkley

Crypto Daily™

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