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HomeBitcoin NewsDeutsche Bank Strategist Bullish on Bitcoin, But JPMorgan Boss Still Unmoved

Deutsche Bank Strategist Bullish on Bitcoin, But JPMorgan Boss Still Unmoved

A Deutsche Bank strategist has expressed another hopeful-sounding sentiment about bitcoin (BTC) – but it looks as though not everyone in the conventional financial world has been sold on the crypto dream, with the head of JPMorgan still expressing doubt about the role of unregulated tokens in the sector.

In a note shared with Our and co-authored by Jim Reid, a Research Strategist at the German banking giant, Reid wrote that since positive news had broken regarding the apparent efficacy of a number of potential coronavirus vaccines, bitcoin was seemingly “creating momentum of its own” in the markets.

Reid also wrote, in conjunction with co-author Henry Allen, a Research Analyst at Deutsche Bank, that BTC may have become a serious contender to gold – even edging out the commodity in many instances. Reid and Allen wrote,

“I’m a believer in cryptocurrency [that is] properly regulated and properly backed. Bitcoin is kind of different and that’s not my cup of tea. […] I’m not really interested in bitcoin.”

He added that in his experience “the government can regulate whatever they want and whenever they feel like it.” If bitcoin gets bigger, he stressed, “it will be regulated.”

Meanwhile, earlier this week, another BTC skeptic, Ray Dalio, the billionaire founder of Bridgewater Associates, said that he “might be missing something about Bitcoin so I’d love to be corrected.”

At pixel time (11:51 UTC), BTC trades at USD 17,666 and is down by 2.6% in a day, trimming its weekly gains to less than 12%. The price rallied by 49% in a month and 114% in a year.

Learn more:
10 Superstar Traditional Investors Who Have Endorsed Bitcoin
Is It Still News? More Mainstream Investors, Strategists Enter Bitcoin House
Mexican Billionaire and GOT Actress Buy Bitcoin – and Want the World to Know
Central Banks’ Renewed Gold Hunger Shows Need For A Hedge
Response to Ray Dalio: Banning Bitcoin Is a ‘Game of Whack-a-Mole’


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