Here’s How Bitcoin Could Soon Be Worth $146,000 According to JPMorgan

by Mark DeCambre
Market Watch

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.

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