JPMorgan strategists have named the reason for the record rise in bitcoin prices. The growth of the most popular cryptocurrency was driven by inflation concerns, according to analysts.

Experts disagreed with the widespread opinion that the bitcoin rate rose due to the start of trading in the exchange-traded fund ETF associated with bitcoin. “The launch of BITO in itself is unlikely to trigger a new phase in the inflow of substantially more capital into Bitcoin,” the strategists wrote. Experts believe that investors began to perceive bitcoin as a better hedge against inflation than gold, which led to the transition from gold ETFs to bitcoin funds.