JP Morgan is expecting $600 billion from Bitcoin investment

December 17, 2020

Sayan Mitra
36
JP Morgan Chase & Co. Is a US-based multinational company. It deals with financial services and investment banking. Above all, it is the largest bank in the US by total assets. It is the most valuable bank by market capitalization in the world. It has its headquarters in New York City. JP Morgan is one of the Big Four banks of the United States of America. It deals with wealth management, private banking, investment banking, and many others. It works as a universal bank as well as a custodian bank. The bank has the third-largest hedge fund in the world.
 

Bitcoin purchase

 
Bitcoin is flourishing since the last decade. The value of Bitcoin is increasing rapidly. Many investors are getting attracted towards it. Big investment firms are putting their money into it. A spokesperson has told that the company is expecting interest from Bitcoin. This could be an all-time high return for the company. The estimate is at $600 billion. Nikolaos Panigirtzoglou is a JP Morgan Analyst. He said that due to this, MassMutual has made a huge Bitcoin purchase. Due to MassMutual’s purchase, many companies are trying to invest in bitcoin.
 

MassMutual

 
MassMutual is the Massachusetts Mutual Life Insurance Company. It is an American company. It deals with mutual life insurance. The company has five million clients. It has more than 7000 employees in the US. Its headquarters is in Springfield, Massachusetts. Its trading name is MassMutual Financial Group. The company offers life insurance, long-term insurance, retirement plans, and others. George W. Rice is the founder of the company. Currently, Roger W. Crandall is the CEO of the company.
 

The effect

 
Due to the above, there is a rise in the purchase of Bitcoin. There is a high demand for Bitcoin in the market currently. Many social and commercial groups are trying to acquire Bitcoin. Insurance firms, wealthy investors, investment cooperation, and many others are investing in Bitcoin. The purchasing capacity might differ from company to company. But a small percentage will also make a difference to the Bitcoin market.
 

The above-mentioned incidents have a larger effect on the economy. Many other firms and cooperation are following

MassMutual’s path. They are also trying to enter the Bitcoin market. They are investing in Bitcoin. Many insurance companies and pension funds will be investing in Bitcoin in the future. So, the purchase of Bitcoin by MassMutual is a milestone. However, due to regulatory policies, these firms are unable to invest larger amounts. The high risks involved and liability discrepancies are their obstacles.

 

Final Analysis

 
The cryptocurrency community provided their thoughts on these recent incidents. Jamie Damon is the CEO of JP Morgan Chase. He was not in the favor of Bitcoin and criticized Bitcoin in 2017. This didn’t go well with cryptocurrency investors and commentators. The CEO has told that Bitcoin is a fraud and it will blow up someday. He also added those investing in it, will have to pay the price one day. However, later he regretted making those comments and investing in Bitcoin.
Sayan Mitra
Sayan Mitra

Sayan is a writer by choice or rather by instincts. He had started as a content writer for an infrastructure development website. Over the years, he has been involved in several versatile projects, ranging from blogging to creative writing, penning down web content to site reviews. Tourism, fashion, real estate, gambling, sports, politics, business proposals, presentation work, technical writing, generalized topics – Sayan has done it all, with his words.

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