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JPMorgan Talks about Grayscale’s Role in Bitcoin Hitting $40k Mark Again

Ever since Bitcoin (BTC) started hitting all the bullish barriers, the financial institutions from all around the world have started admitting to its potential. There are many financial institutions that had doubts about Bitcoin’s authenticity and potential in the past. With the passage of time, the situation has changed for Bitcoin (BTC) entirely.

The majority of the financial institutions from around the world have started realizing the role and importance of crypto-blockchain technology. Every single day, there is a new tech giant or a financial giant expressing its interest in blockchain technology.

When it comes to major financial institutions, Bank of America and JPMorgan are some of the most prominent entities that have been seen talking about crypto-blockchain adoption.

The Bank of America and JPMorgan are two of many financial institutions that were not always positive about the crypto-blockchain industry. These institutions always had their concerns and doubts around the nature of the crypto-blockchain industry.

However, the recent developments that have taken place in the cryptocurrency industry have compelled JPMorgan into changing its views about the crypto-blockchain industry.

Just recently, as Bitcoin (BTC) started showing a downward trend, many speculations came back around the uncertainty of the digital asset. However, JPMorgan seems to have stated that Bitcoin (BTC) will manage to regain its value.

But the JPMorgan officials have stated that Grayscale will be playing a huge role in helping Bitcoin (BTC) hitting the $40k mark. According to JPMorgan Chase, Bitcoin (BTC) will continue to lose its value unless it ends up hitting the $40k mark again. Once that happens, Bitcoin (BTC) will be unstoppable and will even cross the $42k per BTC mark.

According to the analysts at JPMorgan Chase, the Grayscale Bitcoin Trust platform currently has $23 billion worth of Assets under Management (AUM). With such high Assets under Management (AUM), Grayscale will play a key role in helping BTC achieving its old position.

The analysts have stated that the Grayscale Bitcoin Trust needs to maintain daily inflows of $100 million per day. If the Grayscale Bitcoin Trust (GBTC) manages to acquire a daily inflow of $100 million for weeks, then Bitcoin’s breakout will be unstoppable.

It was back in 2017 when Bitcoin (BTC) had started hitting all-time highs and towards the end of the year, it managed to hit its all-time high of $19k per BTC. That is when Bitcoin (BTC) plunged to the very bottom and went on to go below the $5k per BTC mark.

After the plunge, Bitcoin (BTC) was not able to regain its position until December 2020 when Bitcoin (BTC) again hit its all-time high. Then its price rose all the way up to $41k per BTC and again came down to $30k per BTC.

Although many analysts speculated it would show the same trend as 2017, Bitcoin (BTC) has proved that it is no longer the old Bitcoin (BTC).

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Name Price24H (%)
Bitcoin (BTC)
$38,965.00
-2.76%
Ethereum (ETH)
$2,337.74
0.49%
Tether (USDT)
$1.00
-0.01%
XRP (XRP)
$0.72
1.62%
Litecoin (LTC)
$137.01
-2.35%

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