Business
Bitcoin could hit $US146,000, says JPMorgan – The Australian Financial Review
The cryptocurrency’s emergence as ‘digital gold’ for Millennials could put a rocket under its price, says the investment bank.
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, JPMorgan said.
With a market capitalisation of $US575 billion, the bitcoin price would need a nearly fivefold jump to $US146,000 to match the value of private gold wealth held in gold bars, coins or exchange-traded funds, the bank’s note added.
JPMorgan strategists said the upside is conditional on the volatility…
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