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Free Bitcoin 2020 Earn Free Bitcoin Daily in Internet 2020 Learn different ways to earn Bitcoins by completing simple tasks, Captcha’s and sell your Bitcoins for real money. Free Bitcoin 2020 What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency. Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets. Bitcoins in its pure essence is money. It is digital curren

JP Morgan Sees Millennials’ Bitcoin Preference Over Gold as Foundation for Its Long Term Success

JP Morgan Sees Millennials' Bitcoin Preference Over Gold as Foundation for Its Long Term Success

JP Morgan says bitcoin’s 2020 surge is set to continue as the digital cryptocurrency competes better against gold as an alternative currency. In a note, the financial institution says that with millennials set to become a more important market participant in the coming years, their preference for bitcoin to gold sets up the crypto for future success.

The financial institution’s assessment comes as the digital currency continues to see increasing adoption by institutional investors and an embrace by corporations like payments giant Paypal.

According to a report, JP Morgan estimates the “physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.” The financial giant deduces that for bitcoin to catch up with gold market value, “the cryptocurrency would have to surge 10x from current levels.”

At the time of writing, the bitcoin market capitalization was at $242.2 billion while the value of one BTC was just above $13,000.

Meanwhile, JP Morgan, whose CEO Jamie Dimon once labeled bitcoin a fraud, acknowledges in the note that “cryptocurrencies derive value not only because they serve as stores of wealth but also due to their utility as means of payment.”

The financial giant adds that as “more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value.”

Although JP Morgan believes that new millennials will be key to bitcoin’s future success, the increasing adoption of bitcoin by large corporations suggests the cryptocurrency might close the gap with gold much faster. Bitcoin has surged by almost 15% from the time Square announced its bitcoin purchase on Oct. 8. Immediately after Paypal’s cryptocurrency announcement, the digital currency breached the $13,000 mark.

However, with more corporations expected to follow in the footsteps of Square and Paypal by acquiring and holding large quantities of bitcoin, the resulting shrinking supply will continue to push the price upwards.

What do you think of JP Morgan’s latest bitcoin assessment? Tell us what you think in the comments section below.

The post JP Morgan Sees Millennials’ Bitcoin Preference Over Gold as Foundation for Its Long Term Success appeared first on Bitcoin News.



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