JPMorgan Predicts BTC Will Raise Over $146K in Long Term
January 6, 2021 11:25 am
According to the report by Bloomberg, JPMorgan the Investment banking giant has called a long-term bitcoin (BTC) price target of over $146,000 assuming that the crypto will grow in popularity as an alternative to gold.
Nikolaos Panigirtzoglou, a strategist wrote:
“A crowding out of gold as an ‘alternative’ currency implies a big upside for bitcoin over the long term.”
Analysts at JPMorgan also argued that bitcoin’s price volatility needs to drop for institutions to make large allocations. The concentration of bitcoin and gold volatilities is a “multi-year process” and suggests that the $146,000-plus target is a long-term objective.
The strategist added:
“Bitcoin’s [current] market capitalization of around $575 billion would have to rise by 4.6 times – for a theoretical bitcoin price of $146,000 – to match the total private sector investment in gold via exchange-traded funds or bars and coins.”
Recently, Dubai-based firm DeVere Group’s CEO, Nigel Green predicted that Bitcoin’s race is only getting started. According to the article published to Newsmax on Thursday, Green openly mentioned that Bitcoin will have another “record-breaking year” in 2021, with prices blooming by at least 50% and “possibly double.”
The CEO added:
“Some of the world’s biggest institutions – amongst them multinational payment companies and Wall Street giants – pile ever more into crypto, bringing with them their enormous expertise and capital, this, in turn, swells consumer interest.”