JPMorgan forecasts Bitcoin at $146,000

The investment bank JPMorgan named a theoretical long-term target for Bitcoin’s price — $146,000. Analysts say that Bitcoin’s image as 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 would require a convergence of Bitcoin and gold volatility metrics. The adoption driver, JPMorgan argues, will be the millennial generation.

“In our view, this is a multi-year process.”

The forecast was developed on the basis of a theoretical Bitcoin capitalization assuming inflows of funds currently held in gold-based ETFs and bullion.

Analysts noted outflows from such ETFs and inflows 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 company said that institutional investors would bring up to $600 billion into Bitcoin.

JPMorgan: institutional investors will bring up to $600 billion into Bitcoin

Another bold prediction in December was made by the investment director of Guggenheim Partners, Scott Minerd — $400,000.

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