Bitcoin is increasingly starting to compete with gold. This is because millennials are investing massively in the currency, JPMorgan said in a message.
JPMorgan thinks Bitcoin has a great future
The investment bank said on Friday that the potential long-term benefit to Bitcoin is significant. This is because over time millennials will become a more important part of the investing world.
America’s largest bank added that even if BTC takes only part of the value of gold, it can triple the price of the currency.
In addition, JPMorgan said that, although Bitcoin is usually labeled as a store of value, the currency can be used for what it was originally intended for: buying things.
“Cryptocurrencies gain value not only because they serve as a store for wealth, but also because of their utility as a means of payment,” said the bank. “The more companies accept cryptocurrencies as a means of payment in the future, the higher their utility and value.”
Is Bitcoin going to overtake gold?
Bitcoin is still a fairly small asset class, the bank said. To catch up with gold, its value would have to increase tenfold. Bitcoin’s market cap is $ 242 billion, according to CoinMarketCap. On the other hand, the gold market is worth several trillion dollars.
The positive statements from the bank are striking. This is because JPMorgan used to be anti-Bitcoin. The CEO, Jamie Dimon, even called the cryptocurrency ‘fraud’ in 2017. The bank has since become more crypto-friendly and praises Bitcoin.
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