JPMorgan: Square's Bitcoin Investment Is a “Strong Sign of Confidence in the Future” of Cryptocurrency Square last week announced a $ 50 million investment in bitcoin. JPMorgan Bank analysts consider this a “strong sign of confidence in the future potential "in cryptocurrency as an asset.

JPMorgan: Square's Bitcoin Investments Are "Strong Signs of Confidence in the Future" of Crypto

Square last week announced a $ 50 million investment in Bitcoin. JPMorgan analysts see this as "a strong sign of confidence in the future of Bitcoin" and evidence that the payments company sees "great potential" in cryptocurrency as an asset..

In a report on Tuesday, JPMorgan analysts wrote that Square is likely to follow MicroStrategy's lead and not settle for a one-time purchase. MicroStrategy invested $ 425 million in cryptocurrency in two tranches.In addition, Square itself can be an example, whose competitors in the payment industry risk losing their position in the market if they are not opened to a new asset class.

JPMorgan: Square's Bitcoin Investment Is a “Strong Sign of Confidence in the Future” of Cryptocurrency Square last week announced a $ 50 million investment in bitcoin. JPMorgan Bank analysts consider this a “strong sign of confidence in the future potential 'in cryptocurrency as an asset.
The authors of the report note that millennials use Square's Cash App to buy bitcoin. Also, according to their observations, taking into account MicroStrategy's investments, the demand for bitcoin exceeded supply in the third quarter more than in the second.

While JPMorgan analysts admit Square's investment underpins confidence in Bitcoin's long-term growth, they believe the market is now overbought due to the late July / early August rally, which was only partially offset by sales in September. Also, an overabundance of long positions could create difficulties for the market growth in the foreseeable future, they say..
JPMorgan: Square's Bitcoin Investment Is a “Strong Sign of Confidence in the Future” of Cryptocurrency Square last week announced a $ 50 million investment in bitcoin. JPMorgan Bank analysts consider this a “strong sign of confidence in the future potential 'in cryptocurrency as an asset.

In June, JPMorgan analysts said Bitcoin passed the first stress test in its history. They noted that cryptocurrencies have successfully recovered from the March crash, acknowledging this as evidence of their "longevity as an asset class" and adding that the structure of the Bitcoin market has proved to be more resilient compared to the markets of foreign currencies, securities, government bonds and gold.
JPMorgan: Square's Bitcoin Investment Is a “Strong Sign of Confidence in the Future” of Cryptocurrency Square last week announced a $ 50 million investment in bitcoin. JPMorgan Bank analysts consider this a “strong sign of confidence in the future potential 'in cryptocurrency as an asset.

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