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JPMorgan says bitcoin could rally as high as $100,000 - but warns that such a surge would be 'unsustainable'
1 month ago | By Business Insider
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Bitcoin could stage a monster rally in 2021 to as high as $100,000, but pricing at that level "would prove unsustainable," JPMorgan said in a note on Monday.
"We believe that the valuation and position backdrop has become a lot more challenging for bitcoin at the beginning of the New Year," JPMorgan said.
At its current market cap of $575 billion, bitcoin would have to surge to $146,000 to match the total private sector investment in gold via ETFs or bars and coins, according to the note.
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JPMorgan says bitcoin could rally as high as $100,000 - but warns that such a surge would be 'unsustainable'
1 month ago | By Business Insider
Drew Angerer/Getty Images
Bitcoin could stage a monster rally in 2021 to as high as $100,000, but pricing at that level "would prove unsustainable," JPMorgan said in a note on Monday. "We believe that the valuation and position backdrop has become a lot more challenging for bitcoin at the beginning of the New Year," JPMorgan said. At its current market cap of $575 billion, bitcoin would have to surge to $146,000 to match the total private sector investment in gold via ETFs or bars and coins, according to the note. Visit Business Insider's homepage for more stories. Bitcoin's 300% surge in...
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