Today Bloomberg reported that a strategist at JPMorgan Chase suggested that insurance companies and pension funds around the world could soon invest $ 600 billion in Bitcoin.
JPMorgan continues to bet on the leading crypto
Bloomberg reported that, in a December 11 investor note, strategists at JPMorgan suggested that Bitcoin adoption is expanding from family offices and wealthy investors to larger investors such as insurance companies and pension funds.
The strategists argued that if the big fish invested 1% of their assets in Bitcoin, demand for the leading crypto would increase by an additional $ 600 billion.
Which, to be precise, would be twice its current market cap of $ 356 billion right now according to CoinMarketCap.
In fact, JPMorgan strategist Nikolaos Panigirtzoglou wrote that “MassMutual’s Bitcoin purchases represent another milestone in the adoption of Bitcoin by institutional investors.”
In this way, he explains that “You can see the potential demand that could emerge in the coming years as other insurance companies and pension funds follow MassMutual’s lead”.
What does the future hold for the leading crypto? Who will be the next to invest in Bitcoin?
The digital yuan does not seek to replace the dollar! Former PBoC official says
According to the South China Morning Post, Zhou Xiaochuan, chairman of the China Finance Association and former governor of the PBoC, assured that China’s digital yuan is not intended to replace other fiat currencies such as the US dollar or the euro.
Since it was announced, China’s crypto project has sparked various debates, especially in regards to its impact on other fiat currencies.
However, it seems that the digital yuan is not intended to break the leadership of some.
“Some countries are concerned about the internationalization of the yuan. We cannot pressure them on sensitive issues and we cannot impose our will. We must avoid the perception of high-powered chauvinism », Zhou explained.
Bitwise has a successful new crypto fund
Bitwise Asset Management reported today that crypto traders traded more than $ 67 million in shares of its new crypto index fund during its first three days.
On December 9, the company launched the Bitwise 10 Crypto Index fund and today assures which beat the Grayscale record.
As of yesterday, the fund had $ 135 million in assets under management and was comprised of 75% Bitcoin, 13% Ethereum, and 12% spread across XRP, Litecoin, Chainlink, Tezos, and others.
In a few lines …
- The CFTC’s technology team is working on defining a strategy regarding crypto DeFi, according to CoinTelegraph.
- Cynthia Lummis assured that, in the event of a collapse of the traditional system, Bitcoin will become vital.
- CNBC anchor Jim Cramer claimed to have acquired more of the leading crypto.