Cryptocurrencies
JPMorgan Says Bitcoin Could Surge to $146,000 in Long Term
- Strategists say digital asset is competing with gold for flows
- Drop in Bitcoin volatility needed to unlock price potential
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Bitcoin has the potential to reach $146,000 in the long term as it competes with gold as an asset class, according to JPMorgan Chase & Co.
Bitcoin’s market capitalization of around $575 billion would have to rise by 4.6 times -- for a theoretical price of $146,000 -- to match the total private sector investment in gold via exchange-traded funds or bars and coins, strategists led by Nikolaos Panigirtzoglou wrote in a note. But that outlook depends on the volatility of Bitcoin converging with that of gold to encourage more institutional investment, a process that will take some time, they said.