US-based investment bank JPMorgan said that Bitcoin will double its value in the long run. For this, it was stated that Bitcoin’s volatility must converge with the volatility of gold, and this will not happen immediately.
It is stated that the value increase of Bitcoin, which adds value to its value especially at the end of 2020, starting 2020 at the level of 7 thousand dollars and reaching the level of 29 thousand dollars at the end of the year, will continue. Moreover, this estimate comes from the US investment bank JPMorgan.
According to the news in Bloomberght, JPMorgan Chase & Co. says that the long-term target of Bitcoin, the world’s largest crypto currency, is 146 thousand dollars. But for this to happen, JPMorgan strategists say it needs to attract more corporate investment and that will take time.
Will Bitcoin continue to gain value?
It is stated that for Bitcoin to reach these values, it must approach the volatility of gold, but the convergence of these volatilities will probably not be fast and it may take years. In other words, it is underlined that the theoretically determined price of 146 thousand dollars will be long term.
Bitcoin, which broke the all-time record by reaching $ 34,000 at the weekend, started Monday with a 17% depreciation, which was the hardest fall in crypto currency since March 2020. This sharp decline has once again reminded that the world’s largest crypto currency can follow a very volatile course.
Stating that the rise in Bitcoin is unsustainable, strategists said, “While we do not rule out that the current speculative frenzy could push Bitcoin’s price towards a market view of between $ 50,000 and $ 100,000, we believe these price levels will be unsustainable.”
Bitcoin is currently at the level of $ 32,816. In addition, Ethereum, one of the popular altcoins, is watching in the $ 1,086 band.