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JPMorgan Adjusts Its Bitcoin Target to $130,000, Predicting Strong Institutional Adoption

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Thu, 1/04/2021 - 19:34
JPMorgan Adjusts Its Bitcoin Target to $130,000, Predicting Strong Institutional Adoption
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In its Thursday note, which was covered by Business Insider, JPMorgan states that Bitcoin’s declining volatility is going to spur stronger institutional adoption.

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Professional investors will feel more comfortable about holding the cryptocurrency as part of their portfolios now that its price action is less mercurial.

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Crowding out gold

Banking giant JPMorgan has estimated that Bitcoin could reach $130,000 in the long-term if it were to match the total private sector investment of gold.

Mechanically, the Bitcoin price would have to rise [to] $130,000, to match the total private sector investment in gold.

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The bank sees “big upside” for Bitcoin if it continues to crowd out the yellow metal.

However, it could take several years before there a convergence in volatilities between the two assets.

Bitcoin is up 102 percent year-to-date while gold is down 9 percent. 

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