For years J.P. Morgan was skeptical of Bitcoin. Now the bank’s analysts say its value could triple, challenge gold

Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today . A team of analysts at J.P. Morgan’s Global Markets Strategy group are touting Bitcoin’s emergence as an alternative to gold among Millennials, suggesting a “doubling or tripling” in the price of the cryptocurrency if current trends continue. The prediction, which came in a research note published on Friday, is remarkable given the bank’s one-time skepticism towards Bitcoin, which included CEO Jamie Dimon calling it a “fraud” in 2017 and saying he would fire anyone trading it for being “stupid.”

J.P. Morgan’s recent bullish stance is driven in part by PayPal’s recent decision to offer Bitcoin to its customers, and Square’s recent decision to add $50 million of the cryptocurrency to its balance sheet. Another major factor for its position, though, is the demographic trend in which younger […]

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