American investment bank JPMorgan has predicted that Bitcoin would generate an additional $600 billion from institutional investors. Over the past months, BTC has seen a spike in institutional investments as publicly listed firms acquire large amounts of the king coin.
In a recent report, Bloomberg noted that Massachusetts Mutual’s recent investment in BTC reveals the continuous rise of Bitcoin interest among institutional investors. Earlier this month, MassMutual acquired BTC worth $100 million.
JPMorgan research analyst Nikolaos Panigirtzoglou said that MassMutual’s investment in BTC shows that insurance companies and pension funds are beginning to grow interest in the leading digital asset. In his analysis, Panigirtzoglou further said that institutional investment in BTC from players in the US, UK, Europe, and Japan, may pull in an additional $600 billion.
“MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors, One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example.”
In addition, Messari analyst Ryan Watkins earlier predicted that the price of Bitcoin would climb $50,000 if more institutions allocate 1 percent into the digital asset.
Currently, Bitcoin is down 0.87% to $19,174.55. Several analysts have predicted that the largest digital asset by market valuation will cross $20,000 before the end of 2020.
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