$146,000 plus bitcoin price as long-lasting target- JPMorgan says

Bitcoin might have the potential for significant further gains over the long term as it competes with gold for financial investment flows, according to JPMorgan Chase & Co.

Bitcoin’s market capitalization of around $575 billion would have to climb by 4.6 times, for a theoretical Bitcoin cost of $146,000 to match the complete private sector investment in gold via exchange-traded funds or bars and also coins, strategists led by Nikolaos Panigirtzoglou wrote in a note. But that expectation depends on the volatility of Bitcoin assembling with that said of gold to urge more institutional investment, a procedure that will take some time, they said.

A crowding out of gold as an ‘alternate’ currency implies big upside for Bitcoin over the long-term,” the strategists created Monday. Nonetheless, “a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and also remains in our mind a multiyear process. This indicates that the above-$ 146,000 academic Bitcoin cost target must be considered as a lasting target, as well as therefore an unsustainable rate target for this year.

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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