THECRYPTO.WATCH – In recent times, the price of Bitcoin today or BTC has skyrocketed. In fact, the price of the digital currency broke its highest level in its history. For the first time since the launch of Proshares Bitcoin Strategy Exchange-traded fund (ETF), BITO.
However, according to Chase who is a JP Morgan strategist, the main factor driving Bitcoin’s skyrocketing is investor concerns about rising inflation.
Inflation is a continuous increase in the price of goods and services within a certain period of time. This, of course, will cause uncertainty.
On the other hand, JPMorgan itself believes that Bitcoin’s soaring is driven by the fact that gold has failed to ward off concerns about the recent increase in cost pressures.
JPMorgan Chase, one of the things that Bitcoin does is protect the value of money better. And that’s the best reason why there’s been an increase in the price of Bitcoin today that is insane.