Summary List PlacementBitcoin has “considerable” upside in the long-term as it better competes with gold as an alternative currency, JPMorgan said in a note on Friday.
With millenials set to become a more important market participant over the next few decades, their favorability towards bitcoin over gold should set up the cryptocurrency for success, according to JPMorgan.
But bitcoin still represents only a paltry sum of the gold market, and the cryptocurrency would have to surge 10x from current levels to match the same value of the physical gold market.
“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,” JPMorgan said.
Visit Business Insider’s homepage for more stories.

Bitcoin’s 2020 surge could be set to continue as the digital cryptocurrency better competes with gold as an “alternative” currency, JPMorgan said in a note on Friday.

Bitcoin has surged more…

Continue reading…

Trending stories from over 100 sources, YouTube and Twitter
Our archive contains 171,296 news items. 660 articles added this week.