in final analysis Experts at JPMorgan, the world’s largest investment bank, have suggested that the price of Bitcoin (BTC) could reach $45,000 this year. However, there is a catch: the mother of all cryptocurrencies must first behave like gold, experts say. This prediction is based on the large holdings of institutional investors, who currently own about $3 trillion in gold.
The largest cryptocurrency project in the market has had an impressive performance since the beginning of the year. The price started below $17,000 after a tumultuous 2022. In 2023, bitcoin began to rapidly climb again and briefly topped $30,000 in April. hAlthough the price has now fallen slightly to around $28,000, bitcoin is still trading around 60% higher than its value at the start of the year. However, it’s also about 60% lower than the 2021 peak of $69,000.
JPMorgan analysts expect Bitcoin to have another big rally of around 75% in store this year. For this to become a reality, BTC must be accepted by traditional investors as an investment vehicle similar to gold. This argument has been championed by Bitcoin zealots for several years, emphasizing Bitcoin’s ability to act as a store of value, similar to gold.
JPMorgan notes that investors currently own $3 trillion worth of gold. If Bitcoin reverses the position of gold in investors’ portfolios, the price of Bitcoin should be $45,000, the bank says.
Meanwhile, gold itself has been on a quieter yet positive trend since the beginning of the year. The price per kilo started at $64,500 and exceeded $70,000 in early May. But since then, the price has fallen below $70,000, giving gold a price increase of about 6.2% since the beginning of the year.
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