JP Morgan expects further digital currency support

An October 13th JP Morgan analyst report said the company believes more payment service providers will allow their users to invest in digital currency. JP Morgan also noted that Square’s recent $50 million investment in the digital currency industry was a “strong vote of confidence” and that “other payments companies [are] to follow in facilitating client digital currency investments or risk being left behind.”

Recent investments

Recently, there has been a surge in corporations investing in digital currency. Beyond Square, Microstrategy recently invested $425 million in a digital currency portfolio, and Paul Tudor Jones invested between 1-2% of his assets in a digital currency portfolio. 

Although these investments are a “strong vote of confidence,” they could also just be a play being made by corporations for a tax break. If the value of their digital currency portfolio was to soar or “go to the moon,” then these entities would make millions, if not billions, of dollars. However, if the value of their portfolio were to tank, they could sell at a loss and get a nice break on their taxes.

Regardless, the investments in digital currency being made serve as a signal that there is value in having an allocation to digital currency in your investment portfolio. 

In support of that claim, Fidelity’s Director of Research Ria Bhutoria recently said that the current market cap of the digital currency industry “is a drop in the bucket compared with markets bitcoin could disrupt.”

What does this mean for Bitcoin?

The investments being made by corporations, as well as the supportive, positive outlook statements made by prestigious names in banking and finance will only accelerate Bitcoin’s inevitable market disruption. 

But even without those endorsements, BSV is positioned to excel. Several companies are using the Bitcoin blockchain to revolutionize their industries, such as EHR Data and the healthcare industry, BitBoss and the gaming industry, and UNISOT and the supply chain industry to name a few.

In addition, there is a wave of tokenization coming to BSV, with the USDC stablecoin being the first token to run on the Bitcoin blockchain.

Many companies building on Bitcoin are currently in their production phases and have a lot on the horizon for 2021; it is only a matter of time until their work is unveiled to the public.