In a recent note to investors, American investment banking firm, JP Morgan Chase backed Bitcoin and said that the cryptocurrency, which is continually growing in valuation, is a better hedge against inflation than gold. While Bitcoin investors have asserted the same multiple times, JP Morgan Chase’s statement gives considerable backing to such claims.
Investors had earlier stated that the cryptocurrency promises quicker returns than gold and was easily storable for a future value. However, Bitcoin remains highly volatile as it is still part of an unregulated market. The cryptocurrency was trading at $56,480 as of 9 am on October 11.
“Institutional investors appear to be returning to Bitcoin, perhaps seeing it as a better inflation hedge than gold,” JP Morgan’s note reportedly read. “There are tentative signs that the previous shift away from gold into bitcoin seen during most of Q4 2020 and the beginning of 2021 has started re-emerging in recent weeks,” it added.
Dell Technologies founder says blockchain technology is underrated
Earlier, on October 10, the founder of Dell Technologies, Michael Dell, said in an interview that blockchain is underrated. The comment further asserted promise for Bitcoin investors. Dell Technologies has been among the earliest companies in the world to accept Bitcoin as a mode of payment. They started accepting the cryptocurrency in 2014. With advancements in blockchain networking technology, Dell is looking forward to boosting its data infrastructure business by manufacturing high-quality storage drives.
While the hype around cryptocurrency is increasing worldwide, several companies are planning to accept crypto as a mode of payment in exchange for their services or products. In March 2021, Tesla CEO Elon Musk announced that the electric vehicle manufacturer would start accepting Bitcoin as a mode of payment. However, in May 2021, Musk announced that the company would no longer accept Bitcoins over 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?
As of now, investors can use several options to buy Bitcoin and other cryptocurrencies from a known crypto exchange like CoinBase, WazirX and BNS. If an investor is interested in buying cryptocurrency, then they must have or create an account on these exchange platforms selling this cryptocurrency. To start the account creation process, users will be required to submit basic details of the investor, such as their name and their bank account details. Platforms like CoinDesk, WazirX and Binance also need Pan Card verification processes to be completed before starting the trade online. Keep in mind that investing in cryptocurrency is risky because the prices fluctuate continuously.
(Image: AP/ Unsplash)
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