JP Morgan Predicts Bitcoin to $146,000
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JP Morgan has set a price target for Bitcoin to continue its rally and reach $146,000
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The bank states that the flagship cryptocurrency is looking more like a good alternative to gold as a hedge against inflation
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At the time of this report, the cryptocurrency is valued at $61,820, with a market cap of $1.1 trillion
US’s biggest bank JP Morgan has renewed its prediction that flagship cryptocurrency Bitcoin could surge to $146,000.
Experts at the banks suggest that the coin could add roughly 130% of its current value long term if institutions start favoring it over Gold.
According to JP Morgan, investors are beginning to see Bitcoin as a better hedge against inflation than digital gold.
Strategist Nikolaos Panigirtzoglou states that the re-emergence of inflation concerns appears to have raised interest in Bitcoin.
Bitcoin has been made further attractive due to the failure of gold to react to recent concerns about inflation.
Panigirtzoglou expects Bitcoin’s competition against gold to continue as Gen Ys gain more power in the investment world.
Read also: Coinbase User Loses N6 Billion Bitcoin in Fake Notification Fraud
However, JP Morgan states that for investors to completely accept Bitcoin, its volatility will have to drop sharply.
At the moment, the cryptocurrency is about 4 times more volatile than its inflation hedge competitor.
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