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25th October 2021 > > J.P. Morgan.

tl;dr

The analysts at J.P. Morgan are finally listening to the CCC.


Market Snap







Market Wrap

A nice solid base building for BTC with a distinctly noticeable drop in vol. Q4 2021 is shaping up nicely for us.


Occasional Series – Quote of the day

"Your thumbs will learn."


Apple founder Steve Jobs’ response to critics who said people wouldn't embrace the iPhone because it had no keyboard.


I seem to recall that using a Blackberry required dextrous thumbs, not the iPhone.


Curious Cryptos’ Commentary – J.P. Morgan

Having recently signed up to the CCC, the analysts over at J.P. Morgan are starting to understand BTC and cryptos rather better than before.


I cannot help myself – I must remind you that these analysts dubbed 19th of July 2021 “BTC Death Day” as they were under the mistaken impression that the unlocking of the Grayscale BTC Trust for secondary trading would result in a flood of spot BTC coming into the market.


They believed that because they simply had not done any actual research, which is why they now heavily rely on the CCC for accurate and impartial crypto reporting.


BTC did reach a price nadir of $28k on that day, since when the performance has been rather heartening, and only upwards. I am not convinced that is what these analysts meant by the description “Death Day”.



Having taken on board their earlier lack of knowledge and comprehension, and after some in-depth consultation sessions with the CCC, the analysts at J.P. Morgan have just issued a new report which makes for more interesting reading.


They state that:


“… we believe the perception of bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into bitcoin funds since September.”


The gold market cap is approximately $10 TRILLION, that of BTC just $1.1 TRILLION.


When BTC inevitably reaches the same market cap as the current market cap of gold, the price will be $550k per BTC.

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