In its now fourth attempt to talk down bitcoin in the past two months (see here for failed attempt #1, attempts #2, and attempt #3), JPMorgan has published a new report, this time aimed at all those bitcoin fans who buy the currency because other major corporations or funds may follow in Tesla's footsteps , and purchase millions (or billions) of the cryptocurrency because "while bitcoin got another boost with Tesla's announcement this week, the 8% allocation of its cash reserves to bitcoin is unlikely to be followed by more mainstream corporates".

We disagree completely not least of all because one month ago we predicted exactly that not only would Tesla buy bitcoin following the brilliant example set by Microstrategy, but that many more companies would follow in Elon Musk's footsteps. As a reminder, this is what we said:

One such company which we are convinced will announce it is converting billions of its existing cash into bitcoin, is none other than Tesla, whose CEO Elon Musk was urged by MSTR CEO Saylor to make a similar move with Tesla's money. And since Musk, already the world's richest man thanks to the most aggressive financial engineering on the planet, has never been one to shy away from a challenge, we are absolutely confident that it is only a matter of time before Tesla announces that it has purchased a few billion in bitcoin.