Strategists at J.P. Morgan are
of
Bitcoin
by 169-year-old institutional investing firm MassMutual as a sign that wider adoption is about to grab hold of the market. The firm purchased more than $100 million USD worth of Bitcoin last week. The company also bought a $5 million stake in NYDIG, a financial services firm that has more than $2.3 billion in assets under management and focuses on Bitcoin.
Given MassMutual holds true legacy status in the investing world, J.P. Morgan’s advisors view the purchase as a trigger that will push the value of collective institutional investment to more than $600 billion USD, which is over $760 billion Canadian at the time of this writing.
Other Major Players Are Taking Notice
J.P. Morgan’s prediction that more than $600 billion worth of Bitcoin investment could very soon take place is based on the idea that major pension funds in the United States, United Kingdom, the European Union and Japan could single-handedly get Bitcoin to that promised land if each of those funds puts 1% of its money into the world’s most valuable cryptocurrency. Pension funds often own large stakes in some of the world’s most influential corporations. There is no reason Bitcoin can’t be the next big investment.
Even the corporations themselves are going to jump on board of course. The fact that it’s now possible to buy Bitcoin with PayPal and Apple Pay are two hallmark examples of the adoption happening right before our very eyes.
Fellow major investment bank Wells Fargo is also
in saying that it too plans to take digital assets seriously in 2021.
The Next Six Months Are Going to Be Huge for Bitcoin
Now really is the time to get your hands on Bitcoin if you’re a retail investor reading all this news while sitting on the sidelines. Not only are institutional firms announcing their intentions to buy-in on a regular basis, there are also positive reasons to engage in investing your capital within the broader economic market. Governments will approve more stimulus packages early next year in order to take care of their citizens and millions of coronavirus vaccines are being shipped all around the world in the first quarter of 2021 as well. The Canadian government alone has announced plans to purchase more than 40 million coronavirus vaccines from various pharmaceutical companies and shipments are already taking place.
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Written by: Jack Choros
Writer, content marketing at Netcoins.
The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
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