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Bitcoin billionaire Tyler Winklevoss says the Bitcoin price will ‘at least’ 45x from here surging to $585,000 per BTC in his recent tweet on Crypto Twitter:
“JP Morgan analysts think Bitcoin could triple in value and challenge gold. While I think its at least like a 45x from here, not a 3x, at least we can agree that bitcoin is going up. It’s hard to understand why anyone wouldn’t own BTC by now.”
The Bitcoin bull was referencing the following Fortune article entitled:
“For years J.P. Morgan was skeptical of Bitcoin. Now the bank’s analysts say its value could triple, challenging gold”
A team of analysts at J.P. Morgan’s Global Markets Strategy group are touting Bitcoin’s emergence as an alternative to gold among millennials, suggesting a “doubling or tripling” in the price of the cryptocurrency if current trends continue.
The prediction, which came in a research note published on Friday, is remarkable given the bank’s onetime skepticism toward Bitcoin, which included CEO Jamie Dimon calling it a “fraud” in 2017 and saying he would fire anyone trading it for being “stupid.”
J.P. Morgan’s bullish stance is driven in part by PayPal’s recent decision to offer Bitcoin to its customers and Square’s recent move to add $50 million of the cryptocurrency to its balance sheet.
Another major factor for its position, though, is the demographic trend in which younger generations are choosing Bitcoin over gold.
“The older cohorts prefer gold, while the younger cohorts prefer Bitcoin as an ‘alternative’ currency,” says the research note.
The analysts go on to observe that, if this trend continues, there could be a challenge to gold in the long term—with important price implications for Bitcoin.
“Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the Bitcoin price from here,” the note states.
Bitcoin is currently trading at around $13,000.
That falls well short of its all-time high of nearly $20,000, which occurred during the crypto bubble of late 2017, after which Bitcoin fell to around $3,400 the following year.
The current price run-up has been more stable, however, with Bitcoin staying above the $10,000 mark for an unprecedented three-month stretch. Millennials’ embrace of Bitcoin has been underway for a while.
Late last year, a Charles Schwab survey found that shares of GBTC, from Grayscale—a company that holds Bitcoin in trust—were more popular among the cohort than famous names like Netflix and Disney.
Meanwhile, Grayscale has been fanning the trend with a national TV campaign called “Drop Gold.”
In other trending Bitcoin News today:
Bitcoin Just Posted Biggest Buy Signal in More Than Two Years, Says Top Crypto Analyst Nicholas Merten – Here’s What’s Next
DataDash founder and crypto analyst Nicholas Merten says Bitcoin just flashed its biggest buy signal in over 24 months.
“What we need to do is set a close, and I would like to see a substantial close above the yearly high close here which is $13,880. If we can get $14,000, $15,000 for Bitcoin just by the end of the year, going through October, November, up until December…
That’s all we need to see folks. It is a clear telltale sign in price in the simplest form of analysis. Again, simplicity wins out. It is the simplest key sign here that we’re setting up for a substantial move in the market.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.