JP Morgan, one of the world’s largest investment banks has adjusted its Bitcoin forecast to $150,000 up from the $146,000 prediction made in January 2021.
Analysts at the banking giant believe that Bitcoin could one day compete with Gold in terms of market capitalization but noted that BTC’s volatility needs to drop for it to gain more value.
At the time of writing, the market cap of Gold is sitting at $11.64 trillion compared to $847 billion for Bitcoin.
While the analysts did not provide a timeline for their estimation, the figures imply their target is set several years in the future.
There will need to be a significant paradigm shift in the investment world for Bitcoin to rise up the ranks and compete with Gold as a store of value.
Some have argued that this shift has already started as many publicly-listed companies have started adding Bitcoin to their holdings.
As it stands, the market cap of Bitcoin is higher than that of Visa, Facebook, and even JP Morgan Chase.
Bitcoin is now the world’s 10th most valuable asset, but it still has some way to go before it overtakes Silver, the second most invested precious metal commodity after Gold.
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Bitcoin’s Biggest Skeptic Has A Change Of Heart
This recent bullish outlook comes in stark contrast to what JPMorgan Chase CEO, Jamie Dimon, famously said about the digital asset in a 2017 interview.
“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.”
“It’s just not a real thing, eventually it will be closed” and [cryptocurrency] “is a fraud.”
While Dimon himself has not changed his stance on Bitcoin, the bank’s shift in sentiment is noteworthy.
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