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[한대훈의 투(자 이야)기] Bitcoin’s price continues to rise. Compared to 2017, the price increase this time is markedly different. In 2017, expectations of a rise in prices spread to individual investors, leading to a rise in prices, but this time not only individual investors but also institutional movements are unusual.
#Bitcoin is the virtual asset market where the heat is spreading
PayPal, a simple payment service used by 350 million people around the world, said it will support Bitcoin trading and payment. There is also a continuing push to take over the custodian company Bitgo. Even the American Square, Microstrategy and the British Mode Global have announced the news of investing a part of their resources in Bitcoin. JPMorgan, the world’s largest bank, said in a recent report that bitcoin is absorbing demand for gold ETFs and that the demand for bitcoin from institutional investors has outpaced that for gold ETFs. Some institutional investors, including the Family Office, are now accepting gold as an alternative investment asset, and there is a movement, and those changes will continue in the future.
# Why did they switch positions?
There are cases like PayPal and MicroStrategy, but they could be devalued because funding from institutional investors who had a positive view of Bitcoin has arrived. In this regard, what I will pay attention to is the recent change in position on virtual assets, in particular bitcoin.
A representative example is JP Morgan. In September 2017, JPMorgan CEO Jamie Diman accused Bitcoin of being a scam and reminding us of the 17th-century Dutch tulip frenzy. With the saying that one day it will disappear …
Then, a few months later, in an interview with a media outlet, he revealed that he regretted comments he had said about buying bitcoin. Since then, JPMorgan’s stock has been amazing. When it was said to buy bitcoin, the movement of change is detected so that Daimon’s past remarks are colorless. JPMorgan’s report on “Flows and Liquidity: Bitcoin’s Competition with Gold” predicts that if bitcoin can compete more fiercely with gold as an alternative asset, the long-term price and value of bitcoin will likely rise. . The demand for Bitcoin is also expected to increase further due to the increase in millennials going forward.
Here, JPMorgan is about to market its own stablecoin and JPM. It should be used in future global payment solutions.
New York University professor Rubini, who goes by the name of Dr. Doom, also began to change positions. In anticipation of the 2008 global financial crisis, Rubini, called Dr. Doom, is famous for continuing to take negative positions on virtual assets. In particular, it maintained a negative position on Bitcoin. He claimed that Bitcoin has caused several scams and revealed that Bitcoin is a den of criminals and scammers and the prospects for the future are dark. Eventually, he said that blockchain and Bitcoin are the biggest scams in the world.
He has also started to change his position a bit. He attended a conference held recently and mentioned that bitcoin, which has low stability, cannot be a unit of account or a means of payment, but it has significance as a means of storing value. It’s not a radical change of attitude, but it’s significant that his argument, which was the most negative mention of bitcoin, is starting to show signs of change.
Why did they suddenly change their positions?
Virtual assets, including bitcoin, are showing signs of increasing use in everyday life (piazza, PayPal, etc.). Furthermore, digital gold (Bitcoin), which plays a role of gold in the digital asset market alongside gold, is believed to be used to hedge the decline in the value of the currency due to the decrease in the value of the currency. And among the enormous liquidity, its attractiveness as an investment vehicle also emerged. Furthermore, each country is showing a movement to issue central bank digital currency (CBDC) one by one.
The interest of #Investors is also increasing
According to a report by Grayscale, interest in Bitcoin went from 36% to 55% in 2019. Investor interest also increased from 53% to 62% in 2019. As a hedge against currency depreciation or inflation , Bitcoin has a clear appeal. From an investment portfolio perspective, this year became his first year.
Investing in Bitcoin is no longer a speculative investment in highly volatile assets. It is quite interesting as a means of portfolio management and hedging. It’s time to think about why the global guru changed his stance on bitcoin.
Dae-Hoon Han, SK Securities analyst, author of 『Next Finance』
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