According to JPMorgan Chase & Co. Bitcoin can possibly reach to $146,000 in the long haul as it competes with gold as an asset class.
Strategists led by Nikolaos Panigirtzoglou wrote in a note for a price of $146,000 bitcoin’s current market capitalization of around $575 billion will have to rise by 4.6 times to match the total private sector investment in gold via exchange-traded funds or bars and coins.
The strategists wrote that “a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.”
The bitcoin stands at 46,631.40 USD as of 7.04 am UTC today.
