JPMorgan Says Bitcoin Significant Long-Term Growth Potential Bitcoin may continue to rise as it outperforms gold as an "alternative" currency, Business Insider writes, citing a Friday report from JPMorgan.

JPMorgan Says Bitcoin Significant Long-Term Growth Potential

Bitcoin may continue to rise as it outperforms gold as an "alternative" currency, Business Insider writes, citing a Friday report from JPMorgan..

The bank noted a relatively low capitalization of bitcoin, explained by the fact that it is chosen mainly by young investors, while the older generation prefers to keep their assets in gold in physical form. JPMorgan estimates the physical gold market, including secured ETFs, at $ 2.6 trillion. For Bitcoin to equal it, it must grow 10 times from the current levels.

“Even modestly crowding out gold as an 'alternative' currency over the longer term will imply a doubling or tripling of the price of bitcoin,” writes JPMorgan..

According to analysts, over time, cryptocurrency can start to be held for the same reasons for which gold is now held. “Cryptocurrencies are valuable not only because they act as a store of value, but also because of their practical importance as a means of payment. The more economic agents will accept cryptocurrencies as a means of payment in the future, the higher their practical significance and value will be, ”the report says..

Analysts also say bitcoin has significant potential for long-term growth as millennials will become "an increasingly important component of the investor space" over time..

Based on technical analysis methods, analyst Katie Stockton of Fairlead Strategies concluded that in the short term, Bitcoin has every chance to continue moving towards $ 14,000. Over the past week, the price of the first cryptocurrency has increased by 14% and at the time of publication is close to its local highs of about $ 13 000.

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