$146,000 a pop.
JP Morgan went out on a limb Tuesday – predicting the price of bitcoin will soar.
The digital currency is in the midst of a powerful upswing, surging over the past six months to a record peak just shy of $35,000, as investors look for an alternative to a weaker dollar and see bitcoin as a hedge against inflation.
Now, JP Morgan says the price could go much, much higher as this could finally be the dawn of “digital gold”: a new age of stability and acceptability for the world's biggest cryptocurrency.
The investment bank said bitcoin could rival actual gold and its traditional safe-haven status. And that perception is likely to accelerate with a generational shift in investors.
Bitcoin has now been around long enough for millennials to be more acquainted with it and not see it as an unproven, risky new asset… JP Morgan reasons that millennials will increasingly turn to so-called digital gold over the traditional hard stuff.
But buyers beware.
Ever since its inception, bitcoin prices have swung violently, resulting in several costly head-fakes for novice investors.