Market analysts from banking giant JPMorgan say they’ve identified three reasons behind Bitcoin’s latest surge.
In a note to Business Insider, the banking titan says that one catalyst of Bitcoin’s recent rally from the $40,000 level to $55,000 is the growing belief that it’s a better inflation hedge than gold.
“Institutional investors appear to be returning to Bitcoin, perhaps seeing it as a better inflation hedge than gold…
The re-emergence of inflation concerns among investors has renewed interest in the usage of Bitcoin as an inflation hedge.”
Since the beginning of 2021, $10 billion has moved out of gold ETFs while $20 billion has gone into BTC funds, according to the bank.
According to JPMorgan, another reason why BTC skyrocketed past the $1 trillion