JPMorgan Chase noted in an email to customers on Thursday that the decline in Bitcoin volatility is positive for institutions’ interest in the asset.In an article about the issuer BloombergStrategists such as Nikolaos Panigirtzoglou of JPMorgan Chase wrote:
“These initial signs of normalization of Bitcoin volatility are encouraging… We believe that the potential normalization of Bitcoin volatility starting here may help revitalize institutional interest in the future.”
Building on the long-term decline in Bitcoin’s volatility, strategists revised their Bitcoin price target to align with private market investment in gold.
“Considering how large the financial investment in gold is, squeezing any “alternative” currency from gold means that Bitcoin has a lot of room for growth in the long run… Mechanically speaking, the price of Bitcoin must rise [to] US$130,000 to match the total investment of the private sector in gold,” JPMorgan According to the report in the email.
In a year of milestone significance for Bitcoin, the continued support of the CEOs in the traditional financial field is very promising, and both Goldman Sachs and Morgan Stanley have applied to provide products in this field.
With the passage of time, the price of Bitcoin continues to soar in the context of more adoption and entry into the field. It can be expected that JPMorgan Chase and other companies will further increase their price targets. These people are still too pessimistic in history. Wall Street will discover this, and matching private sector investment in gold is just the beginning.