@$61181: JPMorgan Renews Its Long-Term Price Target of $146,000 per Bitcoin
Bitcoin is currently going through one of its longest bullish rallies. With a market capitalization of nearly $1.2 trillion, BTC is strengthening its position as a valuable investment tool. JPMorgan, the US-based investment bank, recently renewed its price target of $146,000 for Bitcoin amid a jump in institutional adoption.
A report published by Business Insider citing JPMorgan’s research note highlights the growing demand for Bitcoin and other digital currencies. “Considering how big the financial investment into gold is, any such crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term,” Nikolaos Panigirtzoglou, a JPMorgan strategist, said in the report.
JPMorgan also outlined some issues related to the volatility in BTC. The bank mentioned that the long-term price growth of Bitcoin depends upon a consistent decline in the overall volatility related to the crypto asset. Commenting on the global adoption of digital currencies, JPMorgan said that Bitcoin and other cryptocurrencies emerged as a clear winner in the post-pandemic international economy. Several global hedge funds and family offices entered the crypto market in 2021.
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