Chinese investors flocked to cryptocurrencies amid techwar –

Traditional institutional investors once considered cryptocurrencies an investment for the bold or the stupid: a niche market with a bad reputation and high volatility. In 2017, J.P. Morgan CEO Jamie Dimon called Bitcoin a fraud. In 2020, J.P. Morgan started offering banking services for cryptocurrencies and its analysts predicted Bitcoin’s price could hit $146,000 in the long term. Bitcoin’s price surged to $20,000 last year, entering the mainstream. On Jan. 9, 2021, it briefly hit $41,000. As of the time of writing, one Bitcoin costs $36,500. Over the last year, affluent Chinese have flocked…

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