{"id":3323,"date":"2022-02-14T13:06:54","date_gmt":"2022-02-14T13:06:54","guid":{"rendered":"https:\/\/xcoins.com\/?p=3323"},"modified":"2024-03-01T10:37:52","modified_gmt":"2024-03-01T10:37:52","slug":"jpmorgan-predicts-150k-for-bitcoin-as-canada-bill-aims-to-attract-crypto-investment","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/jpmorgan-predicts-150k-for-bitcoin-as-canada-bill-aims-to-attract-crypto-investment\/","title":{"rendered":"JPMorgan Predicts $150K for Bitcoin as Canada Bill Aims to Attract Crypto Investment"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Although equities were shaken due to the release of high U.S. inflation figures last week, cryptocurrency markets remained stable. Bolstered by a new all-time high hashrate, Bitcoin remained above the psychological $40,000 mark. Elsewhere, cryptocurrency innovation marched forward as McDonald&#8217;s filed patents for restaurants within the metaverse and an MP in Canada unveiled a new bill to encourage cryptocurrency growth within the country.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bitcoin hashrate presses to new all-time highs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">JPMorgan predicts $150K Bitcoin<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Canada introduces bill C-249 to encourage cryptocurrency industry growth<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Uber reveals plans to adopt crypto<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">McDonald&#8217;s files trademarks for branches within the metaverse<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">U.S. inflation jumps to 7.5%<\/span><\/li>\n<\/ul>\n<h2><b>Bitcoin hash rate jumps to new all-time high<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On Saturday, the hash rate for the Bitcoin network jumped 32% in 24 hours. This marked one of the biggest daily increases that the network has ever experienced and resulted in a new network high for the blockchain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hash rate is defined as the computing power used to support Bitcoin\u2019s <a href=\"\/en\/blog\/proof-of-work-vs-proof-of-stake-the-pros-and-cons\/\">Proof-of-Work consensus mechanism<\/a>. It is how new transactions are processed and added to the blockchain. The increasing number of Bitcoin miners is encouraging for the decentralization of the network as more miners mean that there are more entities sharing the security of the system. It also helps to deter bad behaviour such as trying to create fraudulent transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/ycharts.com\/indicators\/bitcoin_network_hash_rate\"><span style=\"font-weight: 400;\">YCharts<\/span><\/a><span style=\"font-weight: 400;\">, the network hash rate reached 248.11 terra hashes per second (TH\/s) on Saturday. The previous high, which was posted in January, stood at 217 TH\/s. The United States continues to be the largest contributor of Bitcoin mining power, providing over 35% of the total supply, <\/span><a href=\"https:\/\/xcoins.com\/en\/blog\/china-restrictions-result-in-a-week-of-crypto-fud-but-could-deliver-win-for-decentralization\/\"><span style=\"font-weight: 400;\">a stark contrast to just last year when China hosted the most mining power<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-3326\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/hashrateath-1.png\" alt=\"A line graph depicting the increasing hash rate of the Bitcoin mining network\" width=\"2735\" height=\"720\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/hashrateath-1.png 2735w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/hashrateath-1-300x79.png 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/hashrateath-1-1024x270.png 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/hashrateath-1-768x202.png 768w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/hashrateath-1-1536x404.png 1536w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/hashrateath-1-2048x539.png 2048w\" sizes=\"(max-width: 2735px) 100vw, 2735px\" \/><\/p>\n<p style=\"text-align: center;\"><i><span style=\"font-weight: 400;\">Bitcoin network hash rate from February 2021 to February 2022. Source: YCharts<\/span><\/i><\/p>\n<h2><b>JPMorgan predicts $150K Bitcoin<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The world-renowned investment bank, JPMorgan, has upped its long-term price prediction for the worlds leading cryptocurrency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a research note published by one of the company\u2019s Chase &amp; Co strategists, Nikolaos Panigirtzoglou, the bank outlined its belief that Bitcoin could reach $150,000 in the future. This is a $4,000 increase from the company\u2019s prediction of $146,000 which was published last year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-09\/bitcoin-s-volatility-versus-gold-implies-38-000-value-jpmorgan\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bloomberg<\/span><\/a><span style=\"font-weight: 400;\">, the company\u2019s valuation was calculated using comparisons to <a href=\"https:\/\/xcoins.com\/en\/blog\/why-gold-was-the-global-asset-of-choice-throughout-history-and-why-thats-changing\/\">the market capitalization of gold<\/a>. Panigirtzoglou\u2019s long-term target for Bitcoin would put its total market value on par with that of all gold held privately for investment purposes, increasing the prediction to $150,000, up from $146,000 a year ago.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to the long-term price prediction, analysts also provided what they termed \u201ca fair value\u201d estimate for the coin. According to the notes, Bitcoin is four times as volatile as gold. As a result, Bitcoin\u2019s fair value currently stands at $38,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alongside the valuation, the strategist hypothesized that volatility was one of the most significant problems the leading cryptocurrency currently faces. Panigirtzoglou said, &#8220;the biggest challenge for bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption.&#8221;<\/span><\/p>\n<h2><b>Canadian MP chases cryptocurrency growth with proposal of new bill<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On Wednesday, Canadian parliament member, Michelle Rempel Garner, introduced a new bill to encourage the growth of the cryptocurrency industry within the country. The bill, known as <\/span><a href=\"https:\/\/www.parl.ca\/DocumentViewer\/en\/44-1\/bill\/C-249\/first-reading\"><span style=\"font-weight: 400;\">C-249<\/span><\/a><span style=\"font-weight: 400;\">, will require members of the Canadian parliament to work with industry leaders to create a new set of cryptocurrency regulations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Garner announced news of the bill via <\/span><a href=\"https:\/\/twitter.com\/MichelleRempel\/status\/1491515963996471300\"><span style=\"font-weight: 400;\">Twitter<\/span><\/a><span style=\"font-weight: 400;\"> stating that \u201cCanada should be attracting billions of dollars in investment in the fast-growing crypto-asset industry. Today I introduced a bill, the first of its kind in Canada, to make sure this becomes a reality.\u201d It is Garner\u2019s hope that all crypto regulations will be guided by those within the industry rather than the government.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to the written post, Garner outlined in a brief video exactly what the bill plans to introduce. \u201cThis enactment requires the Minister of Finance to develop a national framework to encourage the growth of the crypto asset sector and, in developing the framework, to consult with persons working in the sector who are designated by provinces and territories. The enactment also provides for reporting requirements in relation to the framework.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new proposal has been praised by cryptocurrency-focused organizations within the country such as Hut8, the digital asset miner.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-3332\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/canadaflag.jpg\" alt=\"Canadian parliament building with the Canadian flag next to it\" width=\"1200\" height=\"797\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/canadaflag.jpg 1200w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/canadaflag-300x199.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/canadaflag-1024x680.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/canadaflag-768x510.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><b>Uber suggests cryptocurrency adoption is coming in the future<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The CEO of Uber Technologies, Dara Khosrowshahi, announced that the company would \u201cabsolutely\u201d one day accept cryptocurrency payments for their services. As one of the world\u2019s largest mobility service providers, acceptance from Uber could significantly enhance worldwide cryptocurrency adoption.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Khosrowshahi\u2019s views were expressed during an interview with <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-11\/uber-ceo-says-app-will-eventually-accept-crypto-as-payment\"><span style=\"font-weight: 400;\">Bloomberg Markets<\/span><\/a><span style=\"font-weight: 400;\"> that took place on Friday. According to the CEO, cryptocurrencies are continually being spoken about inside the company. While seeing the promise and adoption of cryptocurrencies as a store of value, Khosrowshahi pointed out that exchanging digital assets is not quite at the level required for the company to offer them as a payment method.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Khosrowshahi continued \u201cas the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us lean into crypto a little bit more.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Uber now joins a growing list of companies exploring the use of cryptocurrencies as a payment method including Tesla, AMC Theatres, and Microsoft.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-3330\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/uberphone.jpg\" alt=\"Uber logo on a smartphone screen situated within a car\" width=\"1200\" height=\"799\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/uberphone.jpg 1200w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/uberphone-300x200.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/uberphone-1024x682.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/uberphone-768x511.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><b>McDonald&#8217;s files trademarks for virtual reality metaverse restaurants<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The fast-food giant, McDonald&#8217;s, has filed trademarks for restaurants that will be located within the metaverse. According to <\/span><a href=\"https:\/\/www.businessinsider.com\/mcdonalds-metaverse-virtual-online-restaurant-trademark-delivers-food-web3-nft-2022-2\"><span style=\"font-weight: 400;\">reports<\/span><\/a><span style=\"font-weight: 400;\">, virtual restaurants will be used to deliver food online that can then be delivered in the real world.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The patents cover both McDonald&#8217;s and McCafe branches and were submitted for a range of different services including virtual food and beverage products, operating a virtual restaurant online featuring home delivery, and online actual and virtual concerts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Josh Gerban, a trademark lawyer, the idea behind the trademarks is to protect the McDonalds brand even within the virtual world. Gerban <\/span><a href=\"https:\/\/twitter.com\/JoshGerben\/status\/1491496613927428097\"><span style=\"font-weight: 400;\">tweeted<\/span><\/a><span style=\"font-weight: 400;\"> \u201cYou are hanging out in the metaverse and get hungry. You don&#8217;t have to put down your headset. You walk into a McDonald&#8217;s and place an order. It arrives at your door a little while later.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In an interview conducted by Forbes magazine, Gerben reiterated that he expects more companies to do the same in the future. \u201cI think you&#8217;re going to see every brand that you can think of making these filings within the next 12 months. I don&#8217;t think anyone wants to be the next Blockbuster and just completely ignore a new technology that&#8217;s coming.&#8221;<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5180 size-full\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/Mcdonalds-2.jpg\" alt=\"Photograph of a Mcdonalds establishment in daylight\" width=\"1000\" height=\"667\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/Mcdonalds-2.jpg 1000w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/Mcdonalds-2-300x200.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/Mcdonalds-2-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<h2><b>U.S. inflation figures hit 7.5% for January<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">New CPI figures released last week highlighted that inflation within the U.S. has continued to soar higher. The latest results created a new 40-year high. The Consumer Price Index , which indicates what consumers pay for goods and services, experienced a 0.6% increase in comparison to the 0.4% that was expected. The new results moved the year-on-year figure to 7.5%, outpacing December 2021\u2019s posting of 7%. January\u2019s inflation figures had been expected to be much lower.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Experts believe that the continued jump in inflation is the result of strong consumer demand and supply chain disruptions &#8211; an effect that the Federal Reserve had believed would be transitory. Before the pandemic, the average annual inflation figure had been 1.8%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many experts now predict that the possibility of a March interest rate hike is almost a certainty. As a result of the increased interest rate fears, many risk-off assets experienced a drop in price during the week. Although equities were shaken particularly badly, cryptocurrencies faired better.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During an interview with CNBC, Global Chief Economist of Citi Research, Nathan Sheets said \u201cThis inflation data today came like a punch in the stomach for Jay Powell and his colleagues. Their narrative is that as the year progresses, we should see inflation start to abate and come on down. And there was not even a hint of that in the January data.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to reports, both Goldman Sachs and Bank of America are now expecting 7 consecutive rate hikes throughout the remainder of 2022.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3334\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-inflation-1.png\" alt=\"Bar chart depicting U.S. inflation figures for the last 4 years\" width=\"1765\" height=\"820\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-inflation-1.png 1765w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-inflation-1-300x139.png 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-inflation-1-1024x476.png 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-inflation-1-768x357.png 768w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-inflation-1-1536x714.png 1536w\" sizes=\"(max-width: 1765px) 100vw, 1765px\" \/><\/p>\n<p style=\"text-align: center;\"><i><span style=\"font-weight: 400;\">U.S. inflation figures from 2018 to 2022. Source: TradingEconomics.com<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">To stay up to date on all things crypto, like Xcoins on <\/span><\/i><a href=\"https:\/\/www.facebook.com\/xcoinsofficial\"><i><span style=\"font-weight: 400;\">Facebook<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, and follow us on <\/span><\/i><a href=\"https:\/\/twitter.com\/realxcoins\"><i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, <\/span><\/i><a href=\"https:\/\/www.instagram.com\/xcoins.hq\/\"><i><span style=\"font-weight: 400;\">Instagram<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, and <\/span><\/i><a href=\"https:\/\/www.linkedin.com\/company\/54161996\/\"><i><span style=\"font-weight: 400;\">LinkedIn<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although equities were shaken due to the release of high U.S. inflation figures last week, cryptocurrency markets remained stable. Bolstered [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":3336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-3323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>JPMorgan Predicts $150K for Bitcoin I Xcoins<\/title>\n<meta name=\"description\" content=\"Bitcoin hashrate hits a new all-time high, Uber considers cryptocurrency payments, McDonalds files patents for virtual reality restaurants, and more!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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