Bitcoin is lingering around $9,500 and it’s more than obvious that the most important coin int he crypto space managed to consolidate above $9,000.
At the moment of writing this article, Bitcoin is trading in the red and the king coin is priced at $9,420.77….
A few years have passed since the largest bank in the US JPMorgan has been criticizing Bitcoin openly. Now, they seem to have changed their opinion about the king coin.
JPMorgan praises Bitcoin is a recent report
In a report titled “Cryptocurrency takes its first stress: Digital gold, pyrite, or something in between?”, JPMorgan analysts say Bitcoin looks “mostly positive” after is was able to successfully survive the pandemic-induced collapse, according to Forbes.
“Though the [bitcoin] bubble collapsed as dramatically as it inflated, bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March,” the notes continued as cited by the Daily Hodl.
As you already know by now, back in march the king coin dropped in price a lot and it was even trading below $4,000.
Investors were panicking back then amidst the rising COVID-19 fears and the boosted number of new cases across the globe.
Bitcoin has proven its resilience
Bitcoin was able to prove its resilience as the king coin recouped its losses faster than most assets, including also gold, treasuries, stocks, and fiat money as well.
As you know, by May, the coin was back on top trading at its pre-coronavirus levels. More than that, the king coin was also able to re-test $10k more than once.
It’s also important to mention the fact that JPMorgan said that Bitcoin’s price action is suggesting that the market participants are not ready to embrace the store-of-value narrative quite yet.
On the other hand, Bitcoin’s popularity has been on the rise in 2020 despite the global crisis because the number of investors surged.
“[Bitcoin] price action points to their continued use more as a vehicle for speculation than a medium of exchange or store of value,” JPMorgan said.
