Myth Busted: Wall Street Is Not Investing In Bitcoin

SourceForbes
SectorFinancial Markets
CountryMiddle east

Bitcoin (BTC) Getty Images There are many theories that try to make sense of Bitcoin’s bonanza. But from what I’ve seen in the media, and on Twitter, the most common explanation comes down to this: Money printing is off the charts, which will cause inflation and depreciate fiat currencies. Meanwhile gold is losing its status as a store of value because Millennials and Gen Z don’t get it, so Wall Street is piling into Bitcoin as an alternative to gold and driving its price to the moon. Sounds logical but it’s not entirely true.

I’ve spoken with JP Morgan and one of the world’s leading crypto analytics firms, Chainalysis. And turns out, Wall Street is not investing in Bitcoin as a store of value. In fact, “real money”— as JP Morgan calls it—hasn’t bought a single Bitcoin yet. (To clarify, this story does not seek to trash Bitcoin in any way. It’s meant to clear up Wall Street’s involvement in Bitcoin and help you make better investment decisions for yourself. At the end, you’ll find some investment strategies to build a position in Bitcoin.) But first, let’s talk ...read more...