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In a research note published Tuesday, global investment bank JPMorgan said that looking at the long-term, Bitcoin’s price will reach $150K while the fair value of the cryptocurrency lies currently at $38K.
At the predicted level of $150K level, Bitcoin’s total market value would be equal to that of all privately held gold, JPMorgan strategists explained.
The team also calculated Bitcoin’s “fair value” to be around $38K, up from $35K last year. They did so by considering Bitcoin to be four times as volatile as gold and note that should this move to three times, the top cryptocurrencies fair value would rise to $50K.
The JPMorgan research note highlighted:
“The biggest challenge for bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption.”
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At the time of writing, Bitcoin is moving hands at $43,428 based on CoinMarketCap data.
Commenting on JPMorgan’s fair price, popular on-chain analyst Willy Woo second guess the $38K figure and said he’d rather put it at $50K as he invited the team to see their models.