JPMorgan: Inflation, Not First BTC ETF, Caused Bitcoin Growth? JPMorgan said that the reason for the new all-time high of the main cryptocurrency in the market was the fear of inflation, rather than the adoption of the first Bitcoin ETF. On October 14, Bitcoin experienced a new resistance area at $57,000, and then steadily moved up until it reached a new ATH, close to the $67,000 level on Huobi. Now a bearish engulfing candle is forming in the market, if it succeeds, and today's close of trading is below 64,000, the bullish move can be leveled out by an equally rapid decline to the previous values. JPMorgan strategists shared their vision of what is happening on the market, who called the reason for the sharp price jump, not the BTC-ETF ProShares (BITO), launched this Tuesday, but the concerns of investors about inflation. They argue that gold has not responded to fears of rising price pressures over the past few weeks, which is why Bitcoin's role as a reliable hedge against inflation has become even more relevant. The team noted that the trend of a smooth transition of investors from “gold ETFs” to BTC funds has been gaining momentum since September and promises an extremely optimistic forecast for the price of the main cryptocurrency asset, at least until the end of 2021. As for the hype around the first Bitcoin ETF, JPMorgan said it could evaporate as quickly as it started. A good example of such a scenario is the launch of the first BTC-ETF in Canada, which quickly dwindled. Many investors share JPMorgan's view of Bitcoin as an inflation defender. For example, billionaire Carl Icahn called Bitcoin an excellent option against the backdrop of the approaching market crisis, and the CEO of British Standard Chartered Bank, Bill Winters, emphasized that a long period of low inflation is already in the past, so people's interest in alternatives to fiat is quite rational. PayPal co-founder Peter Thiel, in turn, laments that he invested "not enough money in Bitcoin." He also said that the active growth of digital currencies is inexorably bringing the complete bankruptcy of central banks closer. Talking about the main cryptocurrency, Thiel called Bitcoin “the fairest market in the United States”, comparing it to a canary in a coal mine. Earlier in 2021, Thiel stated that he is a Bitcoin maximalist and his libertarian views are closely related to decentralized currencies. At the same time, he speculated that cryptocurrency could in part turn out to be China's financial weapon against America, threatening fiat money and, in particular, the dollar. If you decide to try your hand at the world of cryptocurrencies, do it with a trusted and reliable partner - HUOBI Subscribe to our Telegram , Twitter , Facebook to be the first to know about cryptocurrency news! Coin Shark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.