$ 650k scenario for bitcoin price from jp morgan
a new bitcoin report has come in from jp morgan, one of the world’s largest investment banks. according to the bank, if bitcoin reaches the market value of gold, 1 btc can see the price of 650 thousand dollars.
jp morgan released a report saying that gold and bitcoin went down similar paths during the pandemic. the rapid rise of the largest cryptocurrency in recent times has caused everyone’s interest to once again shift in this direction. big corporate interest since the summer has led to the btc price rising to more than 24 thousand dollars, but perhaps the most important issue to talk about here is how these institutions invest funds in bitcoin.
jp morgan notes that attention should be paid to the boom in bitcoin this year. while the market values of some assets exceed trillion dollars, bitcoin is just rising to $ 500 billion with the price rise.
the jp morgan report included the following statement:
“alternative ‘currencies’ such as gold and bitcoin have increased their value (for investment purposes) by 27 per cent and 227 per cent respectively, making them the assets that have benefited most from the pandemic”
according to jp morgan, if digital money continues to spread in this way and reaches the number of investors in the large figure, it may be possible to reach the value of 650 thousand dollars. this could happen if bitcoin reaches the same market value as gold.
“not tomorrow, but it could be very soon”
the report also said that even if the price reaches this point, it will not be “tomorrow”, but given the rise in institutional investors and adoption in the middle, this may also happen much closer than thought.
microstrategy, ruffler and massmutual are just some of the companies that have invested millions of dollars in bitcoin, but growing corporate interest can cause other companies to get on the train and the price to go much higher.
as you will remember, during the first period of the coronavirus pandemic, the decline in world markets also hit btc and the price fell to $ 3,800. today, this figure is close to 24 thousand dollars.
at the time of writing, the price was $ 23,800 and the market value of bitcoin was about $ 440 billion.