JPMorgan says BTC looks cheap next to gold, points to $170K fair value
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Analysts at financial services giant JPMorgan forecast “significant upside” for Bitcoin over the next months in a report on Wednesday.
Bitcoin is trading below its fair value relative to gold when adjusted for volatility, according to analysts at JPMorgan.
The rise in gold volatility during its rally to all-time highs in October makes the precious metal riskier and Bitcoin (BTC) “more attractive to investors,” analysts said, based on the bitcoin-to-gold volatility ratio falling to 1.8, meaning BTC carries 1.8 times the risk of gold. The report read:
This mechanical exercise thus implies significant upside for Bitcoin over the next 6-12 months,” JPMorgan said.
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