Bitcoin price will reach $650K: JP Morgan suggested

Central, Hong Kong, China - 02 October 2018: Skyscraper building is seen in Central banking district, Hong Kong.

According to The investment bank’s last Flows and Liquidity report for 2020, gold and Bitcoin gained the most from the coronavirus pandemic.

Bitcoin has an inspiring show in the third and fourth quarter of this year. At the end of November, crypto reaches its previous record, but that’s not the end. Last week Bitcoin’s price climbed up to $22,600 to $24,000 over the weekend. Crypto’s adoption rate has risen exponentially. JP Morgan describes this growth as remarkable, and many companies started showing interest to acquire Bitcoin.

However, the digital asset still has a long way to go in terms of market capital. Most of the leading traditional assets have a market cap in the range of trillions. The digital asset grew by $300 billion in market validation in 2020 alone.

Alternative ‘currencies’ such as Gold and bitcoin,” a section of JPMorgan report reads, “have been the main beneficiaries of the pandemic in relative terms growing their assets (for investment purposes) by 27% and 227%, respectively”.

The investment bank reckons said that if Bitcoin stays the course and draws more investors, it could reach a price level of $650,000. JP Morgan report states that by virtue of increased institutional adoption of bitcoin, the price jump will likely happen sooner than expected.

The bank recently suggested that many institutions will follow MassMutual and MicroStrategy in getting exposure to Bitcoin. More companies investing in bitcoin will be the key in driving Bitcoin prices. JP Morgan predicted a resulting inflow of $600 billion into bitcoin. 

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