JPMorgan Explains Why Bitcoin is Rising
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JPMorgan analysts have said the reason for the rise in the Bitcoin price above $67,000 is the investors' desire to hedge against rising inflation, not the start of trading of the ProShares Bitcoin ETF, Bloomberg has reported.

The representatives of the investment bank believe the Bitcoin Strategy ETF (exchange-traded fund based on Bitcoin futures from the Chicago Mercantile Exchange) is unlikely to raise much funds in Bitcoin.

JPMorgan has highlighted investors have been abandoning gold in favor of Bitcoin over the past few months to protect their capital from inflation. As an example, analysts have cited a $3.6 billion outflow from the SPDR Gold Shares ETF (ticker GLD), which occurred over the past few months.

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The Bitcoin Strategy ETF (ticker BITO) has become the first US exchange-traded fund based on Bitcoin futures to receive approval from the Securities and Exchange Commission (SEC). The trading of the ETF began on October 19 on the New York Stock Exchange (NYSE). In two trading days, the fund's assets under management exceeded $1 billion.

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