The American multinational investment bank JPMorgan has recently underlined some evidence of multiple institutional demands regarding Bitcoin. A detailed analysis was released on Friday by the global market strategy team at JP Morgan. It has highlighted the evidence of investors switching from gold exchange-traded funds or shortly ETFs to cryptocurrencies.
JP Morgan also noted that young retail investors drive the gradually increasing demand for Bitcoin. Still, several institutional investors like family offices and some asset management companies are again chasing virtual currencies to invest in.
The analysis report released by the global market strategy team at JPMorgan Chase has included a Bitcoin discussion. The discussion compares the financial company’s flow trajectories called Grayscale Bitcoin Trust (GBTC) and the commodity-based mutual fund known as Gold Exchange Traded Funds (ETF).
A few weeks ago, the payment giant PayPal also recognized the potential of Bitcoin. The worldwide payment company announced the launch of cryptocurrency services, including Bitcoin recently, in October. This recognition by PayPal seems to have spread further demand for Bitcoin in the future.
In addition to PayPal, several other big companies are also accepting Bitcoins as payments. For example, financial services like Square and business intelligence companies like Microstrategy have also put their hands on this world’s foremost cryptocurrency, Bitcoin.
Square, which is listed on the New York Stock Exchange, has recently allocated 1% of its total assets to Bitcoin. On the other hand, Microstrategy, which is listed on NASDAQ, has investments worth $425 million in the cryptocurrency.
The business Intelligence Company Microstrategy has made Bitcoin the company’s main treasury reserve asset. Square has also revealed that another payment company called Cash App has also started investing in Bitcoin, and its revenue soared by 1,000% in the third quarter. The revenue for Bitcoin by Cash App reaches $1.63 billion, which accounts for approximately 80% of the company’s total revenue.