to buy, sell, and transfer bitcoin, lending credibility to the crypto asset.
Institutional investors are starting to take notice. JPMorgan said last week that bitcoin looks attractive as it competes with gold as an "alternative" currency. The firm noted that millennial investors favor bitcoin over physical gold.and would have to surge 10x to match the value of all the physical gold in the world.
"Even a modest crowding out of gold as an 'alternative' currency over the longer term would imply doubling or tripling of the bitcoin price," JPMorgan said. With bitcoin on the rise, the technicals are coming into focus as it pushes up against the last major resistance level before its all-time high around $20,000.
Year-to-date, bitcoin is up 87%, yet is still 32% below its 2017 high of $19,783, according to data from Coindesk.
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