JP Morgan "Bitcoin to Reach $146,000" (Comprehensive)

"Inflation Hedge Tool... Competing with Gold"
Current Fair Price is $35,000

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] JP Morgan, the world's largest investment bank, has predicted a long-term target price for Bitcoin at $146,000, suggesting that Bitcoin will compete with gold. However, it pointed out Bitcoin's volatility and presented the current fair value as $35,000.

On the 3rd (local time), Business Insider reported that JP Morgan set Bitcoin's long-term target price at $146,000. According to the report, JP Morgan stated that Bitcoin, with its limited supply and scarcity, is gradually competing with gold and is gaining attention as an inflation hedge.

JP Morgan strategist Nikolaos Panigirtzoglou diagnosed, "Recently, as inflation concerns have arisen, investors are viewing Bitcoin as an inflation hedge." This means that even if the value of other assets falls due to inflation, Bitcoin's value is expected to rise.

Panigirtzoglou also predicted that if institutional investors begin to prefer Bitcoin over gold in their portfolios, the price could surge to $146,000 in the long term. This is about 130% higher than the current price (around $63,000).

Panigirtzoglou also pointed out Bitcoin's tremendous volatility. JP Morgan analyzed that Bitcoin's volatility is currently about 4 to 5 times higher than gold. JP Morgan's analysis suggests that the volatility issue must be resolved first for Bitcoin's price to reach the long-term target.

JP Morgan presented $35,000 as the appropriate current price for Bitcoin. However, it added that volatility is somewhat easing and expects the price to reach $73,000 next year.

JP Morgan warned, "There could also be cases of a crash below $30,000 like this summer."

JP Morgan stated that although concerns about cryptocurrency volatility have not completely disappeared, the long-term outlook remains optimistic.

JP Morgan's market strategists said, "Institutional investors such as hedge funds, asset management firms, and insurance companies have started to enter," and forecasted, "It will structurally grow over several years."

Meanwhile, Bitcoin has slightly declined after surpassing its all-time high of $66,000 on the 20th of last month and is maintaining the low $60,000 range. According to CoinDesk, as of 12:30 PM on the 4th (Korean time), Bitcoin is trading at $62,446.

This content was produced with the assistance of AI translation services.