Upward momentum of the bitcoin price set by SegWit was carried by the rising demand from institutional investors such as Goldman Sachs and JP Morgan.Earlier this week, Goldman Sachs, the $90.4 billion US-based investment banking conglomerate, encouraged its investors, clients and portfoliomanagersto consider investing in bitcoin and cryptocurrencies, considering the market's increasing confidence in bitcoin.
More importantly, Goldman Sachs analysts, along with JP Morgan researchers, told their clients in official corporate letters that regardless of their lack of understanding of the technical intricacies of bitcoin and cryptocurrencies, the $135 billion market cap of cryptocurrencies cannot be ignored.
JP Morgan analyst Robert D. Boroujerdi stated:
“With the total value nearly $120 bln, it’s getting harder for institutional investors to ignore cryptocurrencies.There are currently over 800 cryptocurrencies out there, though just nine have a market cap in excess of $1 billion.”
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