JPMorgan Chase & Co. believes bitcoin (EXANTE: Bitcoin) survived the March crash fairly well, Bloomberg reports.
According to a report titled "Cryptocurrency takes its first stress test: Digital gold, pyrite, or something in between?", bitcoin was able to prove its ability to survive the financial fallout from COVID-19 and now signals "longevity as an asset class."
However, bitcoin still positions itself as a risk asset like stocks, the JPMorgan strategists Joshua Younger and Nikolaos Panigirtzoglou say.
"...price action points to their continued use more as a vehicle for speculation than medium of exchange or store of value," the analysts highlight.
Meanwhile, Novogratz's crypto-friendly digital bank Galaxy Digital entered into a partnership with a crypto service Bakkt to launch a new institutional investors-focused crypto platform for purchasing and storing bitcoins.
At the time of writing, BTC/USD is trading at $9442 (+1,29%).
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