JPMorgan Sets Long-Term Target For BTC Price At $146,000 ByAli RazaPRO INVESTOR Updated: 05 January 2021 Bloomberg, one of the biggest financial media outlets out there, has given out an article showing that JPMorgan Chase & Co believes Bitcoin has some serious potential in long-term gains. Bitcoin Possibly Worth $146,000 Someday: JPMorgan Strategists, led by Nikolaos Panigirtzoglou, wrote a note explaining that Bitcoin would need to increase by a factor of 4.6 in order to reach a total market capitalization of $575 billion. Through doing so, the asset will match the total investments from the private sector in gold, ranging from coins and bars to exchange-traded funds. What this would mean is that each individual Bitcoin would be worth around $146,000 with that market cap, as well. Long-Term Development Inbound The strategists’ note, published on Monday, explained that Bitcoin has effectively started “crowding out” gold as a means to hedge funding, which is a big plus for the world’s first cryptocurrency. However, these strategists warned that such a convergence of volatilities between gold and Bitcoin isn’t going to happen come next week. In their mind, the entire process is one spanning multiple years to achieve. As such, these strategists concluded that the potential future price of Bitcoin, $146,000, would have to be a long-term target, which renders it unsustainable for this year’s price target. It should be noted, however, that Bitcoin saw a big slide on Monday, going down by 17%. This marks one of the biggest drops to occur since March. With this massive correction, people are once again reminded of just how volatile this cryptocurrency can be: It halved itself in value when the COVID scare went in full effect, but managed to quadruple its price over 2020 despite that. In Bitcoin, it’s not a question of if it jumps in a big way, but when. A Crazy Time For FInancial Experts 2020, while being a year no one will forget for many reasons, was a very successful one for Bitcoin. It marked when institutions and heavyweight investors started to take Bitcoin and other cryptocurrencies more seriously. Everyone from Scott Minerd to Paul Tudor Jones to Stan Druckenmiller has all started to diversify their holdings and putting Bitcoin into it. As one would expect, many have an opinion about Bitcoin about this point, ranging from bullish as ever, proclaiming it the one true hedge against inflation, to others expecting the bubble to pop and the Bitcoin collapsing to $0 in value. As far as JPMorgan is concerned, however, the firm sees the largest cryptocurrency as gaining headwinds in due time. The strategists explained that Bitcoin’s position backdrop and valuation stands as a greater challenge at the start of the New Year. The researchers speculate that there’s a possibility of the coin reaching the $50,000-$100,000 range but warned that this couldn’t be sustainable.