JPMorgan: Bitcoin could reach heights of $146,000, but not just yet Cryptocurrencies
As cryptocurrencies become increasingly mainstream, JPMorgan believes that Bitcoin could rise to a high of $146,000 per coin in the future.
In a new note, strategists from the investment banking company led by Nikolas Panigirtzoglou shared their thoughts on how Bitcoin could compete with gold as an asset class. However, in order to do so, Bitcoin’s market capitalization of around $575bn would need to rise by more than four times.
JPMorgan’s outlook for the cryptocurrency’s future also depends on increased institutional investment which will likely take some time.
The strategists explained that their Bitcoin price target won’t be reached anytime soon in their note, saying:
“A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term. 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.”
Backing Bitcoin
At the beginning of December, a single Bitcoin was worth around $20,000 but over the weekend, the cryptocurrency rose above $34,000 for the first time in its history.
On Monday of this week though, the cryptocurrency slid by as much as 17 percent in the biggest drop since March of last year. While Bitcoin does appear to be on the rise, this swing serves as a reminder of just how volatile cryptocurrencies can be.
Despite this, more institutions as well as investors have either started moving funds into Bitcoin or have said they are open to doing so.
We’ll have to wait some time to see if JPMorgan’s predictions about Bitcoin come true but until then holding on to any cryptocurrency you have may be the best idea.
Via Bloomberg
As cryptocurrencies become increasingly mainstream, JPMorgan believes that Bitcoin could rise to a high of $146,000 per coin in the future. In a new note, strategists from the investment banking company led by Nikolas Panigirtzoglou shared their thoughts on how Bitcoin could compete with gold as an asset class. However,…
Recent Posts
- Google now offers ‘web’ search — and an AI opt-out button
- Ayn’s new gaming handheld looks like a PSP, and it might just fill the hole in your heart left by Sony’s best portable
- Google Search is getting a massive upgrade – including letting you search with video
- Google Project Astra hands-on: Full of potential, but it’s going to be a while
- OpenAI chief scientist Ilya Sutskever is officially leaving
Archives
- May 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- December 2011