JPMorgan analysts present a long-term price target of $ 146,000 for Bitcoin.
This objective would be achieved through capital outflows from other asset classes, in particular gold.
JPMorgan has so far been extremely skeptical of Bitcoin
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JPMorgan and its CEO Jamie Dimon have seemed skeptical of Bitcoin for years, but that hasn’t stopped the company from speculating on a bullish target.
With the increased institutional adoption of Bitcoin due to global economic and social factors, the leading cryptocurrency can no longer be ignored. Gold could continue to lose market share, according to JPMorgan analysts via Bloomberg :
Bitcoin could have the potential for substantial additional long-term gains as it competes with gold for investment streams, according to JPMorgan Chase & Co.
As investors begin to see Bitcoin as a better store of value, a better trading system, and better inflation hedge than gold , large-scale buying may continue.
Analysts believe Bitcoin still has serious upside potential:
A crowding out of gold as an ‚alternative‘ currency implies a big advantage for Bitcoin in the long run, […] a convergence of volatilities between Bitcoin and gold is unlikely to happen quickly and this is in our case. spirit of a multi-year process. This implies that the theoretical Bitcoin price target of $ 146,000 above should be viewed as a long-term target, and therefore an unsustainable price target for this year.
While analysts do not expect prices to rise quickly to nearly $ 150,000, they do believe that a gradual increase in cash outflows from gold and other assets will inevitably find its way to BTC.