U.S. banking giant JPMorgan has done a complete about-face and is now seemingly bullish on Bitcoin.
In a recent report, the Wall Street giant said Bitcoin’s 2020 performance had demonstrated the asset’s growth and maturation, while also noting the compelling correlation Bitcoin was exhibiting with global equities.
JPMorgan Bullish on Bitcoin?
After the bank’s CEO Jamie Dimon called it a “fraud,” and warned its employees that they’d be fired if caught buying any BTC to now acknowledging Bitcoin’s impressive performance in post-Covid markets, JPMorgan has had the sharpest of turnarounds.
The public reversal came after the bank had examined the performance of Bitcoin during the mid-March massive sell-off due to the Covid market crash.
The report asserted that despite all assets crashing hard, ‘Bitcoin emerged relatively unscathed,’ and that its performance since had shown that Bitcoin has ‘longevity as an asset class.’
Read More at Bitcoin Maximailst