Bullish bitcoin to continue into year-end!

JPMorgan says inflation concerns in the United States are pushing the price of bitcoin to record highs.

It adds that the recent bitcoin price surge has nothing to do with the recently launched bitcoin futures exchange-traded funds.

It also says investors are pulling out of gold ETFs into bitcoin funds, “The flow shift remains intact supporting a bullish outlook for bitcoin into year-end.”

In a note published last week, JPMorgan explains that inflation has been driving up the price of bitcoin to all-time highs rather than the hype around the first U.S. bitcoin futures ETF.

Proshares Bitcoin Strategy ETF, ticker BITO, began trading Tuesday and rapidly amassed $1 billion in investments. The second bitcoin futures ETF in the U.S. launched Friday. “The initial hype with BITO could fade after a week.”

“By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering bitcoin.”

People now believe bitcoin is a better inflation hedge than gold and this is adding to the reasons for the current upswing, triggering a shift away from gold ETFs into bitcoin funds since September.

Bitcoin soared to an all-time high of $66,899 on Tuesday and is currently around $61,000. It has risen approximately 40% since the beginning of the month and over 90% since the beginning of the year.