When it Comes To Bitcoin, JPMorgan Still Doesn’t Get it
Jamie Dimon was at one time one of the biggest Bitcoin haters. Today, you can’t get away from the most recent headline – “JPMorgan says bitcoin could rise to $146,000 long-term as it competes with gold” I’m willing to bet my life that $146K is a fraction of Bitcoin’s long-term number(s). This morning we’re seeing the King of Crypto @ $32100
JPMorgan says bitcoin could rise to $146,000 long-term as it competes with gold
“Bitcoin’s remarkable ascent past $30,000 has stunned Wall Street — and one of the biggest U.S. investment banks thinks the digital currency could have much further to run.
In a note published Monday, JPMorgan made a bold long-term price target for bitcoin, claiming the red-hot cryptocurrency could rally as high as $146,000 as it competes with gold as an ‘alternative’ currency. But, there’s a catch.
Bitcoin’s market cap — calculated by multiplying the price by the total number of coins in circulation — currently stands at over $575 billion. According to JPMorgan, it would have to climb by 4.6 times to match the $2.7 trillion of private sector gold investment.”