Investment bank JPMorgan has named a theoretical long-term target for the price of bitcoin – $ 146,000. Experts believe that the image of an alternative to gold will make the first cryptocurrency even more popular.
JPMorgan sees Bitcoin at $ 146,000 as long-term price target https://t.co/fYcsh7LpFc
– Bloomberg Crypto (@crypto) January 5, 2021
The bank stressed that this requires convergence of the volatility indicators of bitcoin and gold. The millennial generation will drive adoption, JPMorgan says.
“In our opinion, this is a long-term process.”
The forecast was developed based on the calculation of the theoretical capitalization of bitcoin in the event of an inflow of funds that are now in ETFs based on gold and bullion.
Analysts have pointed to an outflow of funds from such ETFs and an inflow into Grayscale funds since October 2020.
#Bitcoin‘s competition w / gold has already started as evidenced by> $ 3bn of inflows into Grayscale Bitcoin Trust &> $ 7bn of outflows from Gold ETFs since Oct, JPM says: Competition w / gold as alternative currency will continue given millennials will become over time more important. pic.twitter.com/lkXmDIN9e4
– Holger Zschaepitz (@Schuldensuehner) January 4, 2021
Earlier, the holding said that institutions would bring up to $ 600 billion to bitcoin.
Another bold prediction in December was made by Scott Meinerd, investment director of Guggenheim Partners – $ 400,000.