Global investment bank JPMorgan says inflation concerns are pushing the price of bitcoin to record highs, rather than interest in recently launched bitcoin futures exchange-traded funds (ETFs). Noting that investors are pulling out of gold ETFs into bitcoin funds, the firm noted, “The flow shift remains intact supporting a bullish outlook for bitcoin into year-end.”

JPMorgan Sees Inflation Driving up the Price of Bitcoin

JPMorgan Chase’s analysts, led by Nikolaos Panigirtzoglou, published a research note last week explaining 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 exchange-traded fund (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 JPMorgan analysts believe that “By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering bitcoin,”…

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