Home > Boards > Cryptocurrency > Coins > Bitcoin (BTCUSD)

Bitcoin rivals gold, as JP Morgan predicts its

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Welcome2Pinkyland Member Profile
Member Level 
Followed By 1,469
Posts 112,084
Boards Moderated 47
Alias Born 08/20/06
160x600 placeholder
Bill Gates Transfers $850 Million in Deere Shares to Melinda French Gates
Bill Gates has transferred more than $850 million in shares of Deere & Co. to Melinda French Gates, bringing the total value of publicly disclosed transfers to more than $3 billion since the couple filed for divorce on May 3.
CVS on Track for Highest Close Since October 2016 -- Data Talk
Top Company News of the Day
Tech Shares Rebound After Recent Selloff
Home Depot Sales Surge, Extending Growth During Pandemic -- 2nd Update
House Committee Takes on Pricing, Patents for Top-Selling Drug Humira
Bank of America to Raise U.S. Minimum Hourly Wage to $25 by 2025 -- Update
Inflation's Magic Number Is Four
Air France-KLM, Total, Groupe ADP and Airbus Join Forces to Decarbonize Air Transportation and Carry Out The First Long-Haul ...
FedEx Misses Climate Target
Vinci Wins Road-Upgrade Contract in Australia
Home Depot Sales Surge, Extending Growth During Pandemic -- Update
Walmart Gets Back to Basics as Grocery Sales Grow -- Heard on the Street
Bank of America to Raise U.S. Minimum Hourly Wage to $25 by 2025
Steep Covid-19 Rise in Nepal Mirrors India's Surge
Tesco to Rebrand Metro Stores to Express, Superstore Format
Vodafone Group Down Over 7%, On Pace for Largest Percent Decrease Since June 2020 -- Data Talk
Walmart Sales Growth Helped by Stimulus -- 2nd Update
AT&T Down Nearly 7%, Worst Performer in the S&P 500 So Far Today -- Data Talk
Agenus Shares Rally on Bristol Myers Licensing Deal
Form 8.3 - Willis Towers Watson Plc
Treasury Secretary Janet Yellen Calls for Reform of Corporate Tax System -- Update
Tech Shares Edge Up After Falling on Inflation Worries
Treasury Secretary Janet Yellen Calls for Reform of Corporate Tax System
Jobless Claims Seen Lower -- Data Week Ahead
JPMorgan Chase Puts CEO Contenders in Charge of Consumer Operation
Correction to FDA Accepts Innovent, Eli Lilly Application Article
Stocks Open Higher, Led by Tech
Shell Shareholders Back Energy Transition Strategy at AGM
Welcome2Pinkyland Member Level  Tuesday, 01/05/21 03:24:27 PM
Re: None
Post # of 21467 
Bitcoin rivals gold, as JP Morgan predicts its price may climb as high as 146,000
By
Wolf Daily Staff
January 5, 2021

Digital currency bitcoin has emerged as a rival to gold and could trade as high as $146,000 if it becomes established as a safe-haven asset, investment bank JPMorgan (JPM) said on Tuesday.

Interest in the world’s biggest cryptocurrency has soared this year, with investors viewing bitcoin as a hedge against inflation and an alternative to the depreciating dollar. The rush led to bitcoin prices more than tripling in the past six months to a record peak of $34,800 on Jan. 2.

“Bitcoin’s competition with gold has already started in our mind,” the Wall Street bank’s strategists said in a note, citing recent $7 billion outflows from gold and more than $3 billion of inflows into the Grayscale Bitcoin Trust.

That could mark a new dawn for the volatile digital currency after years as a play for speculators and retail punters.

“Considering how big the financial investment into gold is, a crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term,” JPM said.

Bitcoin is likely to outshine gold as millennials become a more important component of the investment market over time and given their preference for “digital gold” over traditional bullion, JPM added.

With a market capitalization of $575 billion, the bitcoin price would need a nearly fivefold jump to $146,000 to match the value of private gold wealth held in gold bars, coins or exchange-traded funds, the bank’s note added.

JPM strategists said the upside is conditional on the volatility of bitcoin converging with that of gold in the longer term.

Though JPM sees the possibility of “current speculative mania” propelling bitcoin to between $50,000 and $100,000, it warned that such levels would prove unsustainable until its volatility levels out.

“We note that the spectacular bitcoin rally of the past few weeks has moved bitcoin into more challenging territory, not only in terms of its positioning backdrop, but also in terms of its valuation,” the bank said.


Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences