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Will institutional push help bitcoin become mainstream?

Entry of multinational giants like JPMorgan Chase and Morgan Stanely after Tesla, MicroStrategy, Square in cryptocurrency market may cheer investors and drive demand.

April 28, 2021 / 01:09 PM IST
Representative image. (Source: Reuters)

Representative image. (Source: Reuters)

Talks of JPMorgan Chase offering Bitcoin to its wealthy clients has helped the premier cryptocurrency bounce back from its recent lows. The move will help legitimise the going concern of the virtual currency which has been declared “dead” about 400 times over the past decade.

“The number of such proclamations peaked in 2017, but the trend has been decreasing; 2020 saw the fewest Bitcoin obituary predictions in eight years,” said a Deutsche Bank (DB) Research report released in March this year.

The price of Bitcoin surged almost 10 percent on April 26 to trade at over $53,700, after the report of JPMorgan preparing such a fund.

A single Bitcoin was priced at $1,000 at the beginning of 2017, which scaled to almost $20,000 by the end of that year.