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.
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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…