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JPMorgan says inflation concerns, not ETFs, driving Bitcoin price jump
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Bitcoin (BTC) broke its all-time high price level following the launch of ProShares’ Bitcoin Strategy exchange-traded fund (BITO) on Tuesday, but JPMorgan Chase strategists believe the key driver behind the price jump is investor concern over inflation.
The BITO launch, which saw the highest ever first-day natural volume for an ETF, is “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin,” JPMorgan strategists said in a note.
Instead, JPMorgan believes that as gold failed to respond to concerns over rising cost pressures in the last couple of weeks, Bitcoin’s renewed role as a better hedge against inflation in the eyes of investors is the main reason for the current bull run. The team highlighted that the
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