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JPMorgan Says Bitcoin Crash Survival Shows It Has Staying Power

  • Price action points to speculative use versus store of value
  • Bitcoin has gained 75% since mid-March to trade around $9,500
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Bitcoin Is Extremely Volatile, BC Group's Chapman Says

If Bitcoin were a student, you could think of it as maybe having entered middle school by now given its age. Maybe, also, it just took its first test -- and according to JPMorgan Chase & Co., it got “mostly positive” results.

In March, Bitcoin -- like many other areas of the market -- underwent a stretch of severe disruption as world economies started to shut down and investors fled riskier assets due to the coronavirus outbreak. But Bitcoin emerged relatively unscathed, according to a report from the bank titled “Cryptocurrency takes its first stress test: Digital gold, pyrite, or something in between?”