Bitcoin digital currency jumped in trading in Asia above $ 35,000 for the first time on Wednesday.
According to Arabiya Net, the most popular digital currency in the world has reached a high of $ 35,879, and a rally continues that has pushed the digital currency to jump more than 800% since mid March.
Bitcoin crossed the $ 20,000 mark for the first time ever on March 16th.
and in a note published on Monday, JPMorgan outlined a bold, long-term price target for Bitcoin, claiming that the cryptocurrency could rise to $ 146,000 as it competes Gold as an alternative currency, according to CNBC.
According to JP Morgan, the price of Bitcoin is supposed to rise 4.6 times, to parity with private sector investment in gold of $ 2.7 trillion.
and JPMorgan set a condition for the market value of Bitcoin to reach this level, represented by the necessity of significantly reducing price fluctuations to give institutional investors the confidence required to make big bets. / p>
Bitcoin is known for its extreme volatility, falling sharply on Monday below the $ 30,000 level, just days after reaching the $ 34,000 level. It increased by 1% over the past 24 hours.
This long-term bullish trend based on the market value equation of Bitcoin against gold for investment purposes is written by JPMorgan's strategic analysts, conditional on Bitcoin's volatility with gold's long-term volatility .
they add that the reason is that, for most institutional investors, the volatility of each category is important in terms of managing portfolio risk and the greater the volatility of the asset class, the greater the risk capital it consumes This asset class.
and, unlike crypto analysts, JP Morgan believes there is little doubt that the drive for the institutional flow of Bitcoin is what distinguishes the rise of 2020 from 2017.
In the investment bank's opinion, it is unlikely that the fluctuations between Bitcoin and gold will converge quickly, which means that the theoretical target price for Bitcoin above $ 146,000 should be considered a long target Term, and hence an unsustainable price target for this year.
