by Mark DeCambre
Bitcoin’s nearly nonstop climb to new records has drawn the attention of Wall Street like few other securities in recent memory.
The world’s No. 1 digital asset was recently trading at around $32,000 in Tuesday action, at last check, but the team at JPMorgan Chase, make the case that the blockchain-backed cryptocurrency could be valued at $146,000 in the not-so-distant future , if it can continue to draw demand away from gold buyers, as the researchers at the bank think is already happening.
The analysts point to outflow from gold-pegged exchange traded funds, or ETFs, and inflows into a digital-currency focused trusts sponsored by Grayscale, for example, as part of the evidence pointing to increased use of bitcoin as a gold-like security, which would help to drive its price further into the stratosphere.