JPMorgan says inflation concerns, not ETFs, driving Bitcoin price jump

Cointelegraph

Published Oct 21, 2021 05:45AM ET

Updated Oct 21, 2021 07:20AM ET

Bitcoin (BTC) broke its all-time high price level following the launch of ProShares’ Bitcoin Strategy exchange-traded fund (ETF), BITO, on Tuesday, but JPMorgan Chase (NYSE:JPM) strategists believe the key driver behind the price jump is investor concern over inflation.

The BITO launch, which saw the highest-ever first-day natural volume for an ETF, is “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin,” JPMorgan strategists said in a note.

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