In a recent note to investors, US investment bank JP Morgan Chase backed Bitcoin and said the cryptocurrency, whose valuation continues to rise, is a better hedge against inflation than gold. While Bitcoin investors have said the same thing on several occasions, JP Morgan Chase’s statement gives considerable support to such claims.
Investors previously said the cryptocurrency promised faster returns than gold and was easily storable for future value. However, Bitcoin remains very volatile as it is still part of an unregulated market. The cryptocurrency was trading at $ 56,480 on October 11 at 9 a.m.
“Institutional investors seem to be reverting to Bitcoin, perhaps viewing it as a better hedge against inflation than gold,” the JP Morgan note reportedly said. “There are tentative signs that the previous move from gold to bitcoin seen during most of the fourth quarter of 2020 and early 2021 has started to reappear in recent weeks,” he added.
Dell Technologies Founder Says Blockchain Technology Is Underappreciated
Earlier on October 10, Dell Technologies founder Michael Dell said in an interview that blockchain is underrated. The comment further affirmed a promise for Bitcoin investors. Dell Technologies was one of the first companies in the world to accept Bitcoin as a method of payment. They started accepting cryptocurrency in 2014. With the advancement of blockchain networking technology, Dell is eager to strengthen its data infrastructure business by manufacturing high quality storage drives.
As the hype around cryptocurrency increases around the world, several companies are considering accepting crypto as a form of payment in exchange for their services or products. In March 2021, Tesla CEO Elon Musk announced that the electric vehicle maker would start accepting Bitcoin as a payment method. However, in May 2021, Musk announced that the company would no longer accept Bitcoins due to concerns about the impact of mining on the environment. Other companies that accept Bitcoin include Microsoft, Shopify, Wikipedia, and more.
How to buy cryptocurrencies in India?
Currently, investors can use several options to buy Bitcoin and other cryptocurrencies from a crypto exchange known as CoinBase, WazirX, and BNS. If an investor is interested in purchasing cryptocurrency, then he must have or create an account on those exchange platforms selling this cryptocurrency. To start the account creation process, users will need to submit basic investor information, such as name and bank details. Platforms like CoinDesk, WazirX, and Binance also need the Pan Card verification processes to be completed before starting online trading. Keep in mind that investing in cryptocurrency is risky because prices are constantly fluctuating.