One of the largest investment banks in the world JPMorgan recently said that the declining fluctuations in Bitcoin are alluring institutional investors. As mentioned in a note by JPMorgan the $130,000 price target of BTC can be considered a long-term target for the cryptocurrency.
JPMorgan Revealed Theoretical Bitcoin Price As Long-Term Target
The largest cryptocurrency in the world is estimated to touch the mark of $130,000 in the long run. At the time of writing this article, the cryptocurrency is being traded at $57,677 with a market capitalization of over $1 trillion.
In accordance with a recent research note, the reduction in the price fluctuations of Bitcoin is alluring to the interests of institutional investors. As highlighted by the bank, the price of BTC at $130,000 would equalize the total private sector investment in gold.
A strategist at JPMorgan, Nikolaos Panigirtzoglou published a research note in the month of February of 2021. As mentioned in the research note the fluctuations of Bitcoin, it is a big issue for giant organizations.
Also, it should be noted that the bank earlier issued a long-term price aim of $146,000 for BTC.
BTC as an Alternative to Gold
A majority of institutional investors around the world have begun considering BTC as an alternative to gold. However, the market capitalization of BTC is comparatively smaller than gold, consistent outflows were witnessed in investments related to gold during the last few months.
In addition to this, high inflows were reported in the largest cryptocurrency over the same period in which outflows were witnessed in gold-related investment products.
Most recently, Bitcoin has managed to cross the 10% market capitalization of the total gold that has been mined till now.
Several experts and veterans in the industry have recently stated that in the past decade, Bitcoin, as well as other cryptocurrencies, have managed to establish itself as alternatives to gold.