Thriller Insights - S4EP13: Bitcoin Replace Gold’s Value for Years to Come
|Dec 10, 2020||2|
JPMorgan Chase: Bitcoin Will Chip Away at Gold’s Value for Years to Come
Strategists at JPMorgan Chase predict that institutional investors are moving from gold to Bitcoin.
Since October, investments in the Grayscale Bitcoin Trust grew by $2 billion while gold-backed ETFs lost $7 billion.
If the current trend continues over the coming years, Bitcoin's detrimental effect on gold's price would become much bigger.
However the Chief Global Strategist at Morgan Stanley, Ruchir Sharma, says bitcoin’s rise is more due to the dollar.
“Money printing is likely to continue, even when the pandemic passes,” Sharma says in an editorial for FT. “Trusted or not, bitcoin will gain from widening distrust in the traditional alternatives.”
“Do not assume that your traditional currencies are the only stores of value, or mediums of exchange, that people will ever trust. Tech-savvy people are not likely to stop looking for alternatives, until they find or invent one. And stepping in to regulate the digital currency boom, as some governments are already considering, may only accelerate this populist revolt,” he says.
Other Bullish News…
Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has offered a more positive stance on bitcoin than in comments that made headlines last month.
In a Reddit Ask Me Anything (AMA) on Tuesday, Dalio said he thought bitcoin and other cryptocurrencies had “established themselves” over the last 10 years and were interesting “gold-like asset alternatives” share similarities and differences to gold and various “limited-supply, mobile (unlike real estate) store holds of wealth.” Bitcoin “could serve as a diversifier to gold and other such store hold of wealth assets,” said Dalio. “The main thing is to have some of these type of assets … including stocks, in one’s portfolio and to diversify among them.”
Bitcoin has become the largest bank in the world for the first time, overtaking JP Morgan in market cap after it rose above $18,900.
That gave bitcoin a market cap of $350 billion, an all time high, beating JP Morgan’s $349 billion.
Bitcoin to 21K still?
Bitcoin Chart by TradingShot via Trading View
Long-Term Holders Are Selling BTC
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