Strategists from JP Morgan Chase, suggest that global demand for cryptocurrencies is still on an imminent rise, predicting that pension funds and insurance companies could soon drive Bitcoin’s (BTC) total market capitalization to a whopping $600 billion. The JP Morgan strategist, particularly Nikolaos Panigirtzoglou, then pointed out Massachusetts Mutual Life Insurance Company’s (MassMutual) purchase of over $100 million as further reinforcement for his remark.
According to Panigirtzoglou, MassMutual’s substantial investment in BTC marks another significant milestone in the crypto’s adoption within the institutional sector. He adds that many other insurance and pension companies would most likely follow suit, which could potentially skyrocket the global demand for cryptocurrencies even further.
Going by that sentiment, JP Morgan’s strategists note that if said companies from the EU region, Japan, United States, and the United Kingdom do indeed invest even just 1% of their substantial assets into BTC, demand for Bitcoin could grow as much as $600 billion. Considering that the total market capitalization for the crypto is seated at $356 billion, the bank’s strategists’ prediction dictates that it may almost double that already impressive figure very soon.
Tokenlon’s head of growth, Lucas Huang, further fortified this by stating that institutional investors have now come to terms that BTC shares the same enticing properties present in gold. He then noted that BTC is further becoming established as more traditional investors commit their money into it, and that is precisely what is actually happening right now.