The recent surge of BItcoin is driven mainly by inflationary concerns and not by the recent launch of futures exchange-traded funds, strategists said in a CoinTelegraph report.

  • Strategists from JPMorgan Chase believe that the renewed attraction of Bitcoin comes as it is seen as a better hedge against inflation in the eyes of investors, shifting focus away from gold.
  • The strategists believe the launch of ProShares’ Bitcoin Strategy ETF is unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin.
  • The strategists cited the launch of the Purpose Bitcoin ETF in Canada, which would likely be mirrored in the United States, where interest is likely to wane the first week after the launch.

Standard Chartered Chief Executive Bill Winters said it is reasonable for people to look into an alternative to fiat currency, given the latest inflation figures. BTC is down 4.63%.