[Digital Today Reporter Hyunwoo Choo] Investment bank JP Morgan raised the target price of Bitcoin to $130,000 (about 146.6 million won). JPMorgan predicts that it will move upward to a level that has the same value as gold.
According to foreign media such as CoinPost on the 1st (hereafter local time), JP Morgan recently saw the trend of safe capitalization as the volatility of bitcoin is decreasing and the proportion of institutional investment is increasing. It was expected to rise.
JPMorgan saw that the value of bitcoin will increase to the level where the total investment amount of gold and bitcoin investment amount coincide. Based on this, the target price of Bitcoin was calculated. In February, JPMorgan set a target price of $100,000 for Bitcoin.
However, JPMorgan refused to talk about when it reached $130,000.
Mike Novogratz, CEO of Galaxy Digital, also agreed. On the 31st, he emphasized through a media interview that “the value of bitcoin converges on gold.”
He argued that “it is only a matter of time before bitcoin exceeds the value of gold,” he said. “The pace of purchase of virtual assets by individuals as well as institutional investors has begun to accelerate. The rise of virtual assets is faster than expected.”
CEO Mike Novograts, a leading virtual asset riser, predicted earlier this year that the rise in bitcoin will rise rapidly to $60,000. Currently, based on CoinMarket Cap, Bitcoin is trading at $58,932, up 0.02% from the previous day.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.