JP Morgan: Bitcoin Could Rise 10x
My, how times have changed! Jamie Dimon used to go on at length at how Bitcoin was worthless and this and that. In the present, JPMorgan is now singing the praises of Bitcoin! Cheers, everyone!
JP Morgan: Bitcoin Could Rise 10x as it Competes With Gold for Institutional Investors
The analysts believe that this contrast supports the narrative that some investors who had previously allocated funds in gold ETFs, such as family offices, have founded Bitcoin as an alternative to the precious metal.
This could result in a substantial price surge for the primary cryptocurrency. If the asset continues to compete with gold as an “alternative currency,” its market capitalization “would have to rise ten times from here to match the total private sector investments in gold via ETFs or bars and coins.”
Interestingly, popular TV host Max Keiser recently predicted a similar scenario, in which BTC will follow and eventually surpass gold. However, his price forecast was significantly more optimistic, as he saw a 40x-80x surge for Bitcoin.