Bitcoin is undervalued in front of gold, but will reach USD $ 165,000 in the medium term: JPMorgan
By Angel di Matteo @Shadowargel
The American bank states that cryptocurrency is still undervalued in front of gold, and estimates a bullish potential close to 40% in the medium term.
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- JPMorgan He suggests that Bitcoin would reach parity with gold if he goes up to USD $ 165,000.
- The rise of “You must” promotes retail purchases in the ETFs of Bitcoin and gold
- Institutional investors also participate, although with recent recent force
The International Bank based in the USA. JPMorgan, raised an upward scenario for Bitcoin, estimating that the price of cryptocurrency could reach USD $ 165,000 thinking in the medium term. The calculation is based on a comparison adjusted by volatility against gold, which reinforces the narrative of the digital asset as a refuge against the depreciation of fiduciary currencies. Faced with the current price of the digital currency (USD $ 119,000), this translates into an increase close to 40%.
He “You must” and preference for alternative shelters
The analysis of JPMorgan, reviewed by COINDESK, It is part of the phenomenon known as “You must”, That is, the purchase of assets such as gold and Bitcoin to protect against the loss of value of traditional currencies. This movement has gained strength in recent months, particularly in an environment marked by growing tax deficits, concerns about the independence of the Federal Reserve (Fed) and distrust of local currencies in emerging markets.
Analysts, led by Nikolaos Panigirtzoglou, pointed out that the capital flow towards quoted funds (ETFs) of gold and Bitcoin has grown significantly since the late 2024. This behavior intensified in the months prior to the presidential elections in the United States, reflecting a climate of economic and political uncertainty.
Boom in retail demand and institutional response
According to the bank, retail investors have led purchases in ETF both Bitcoin. In the first part of 2025, products based on BTC They surpassed in entries to the gold, especially after high -impact events such as the call “Liberation Day”, in which the Trump administration began its tariff policy towards commercial allies. However, since August the flow to gold has been closing the gap.
In parallel, institutional investors have also shown interest, although with different dynamics. Their participation is mainly concentrated on futures contracts of Bitcoin and gold in the Chicago Mercantile Bag (CME). According to the entity, open positions show that institutional actors have been net buyers since 2024, although in recent weeks their impulse was behind retail enthusiasm.
Direct comparison with gold
The report also highlighted the recent gold strength, whose price has experienced a strong rebound in the last month. This trend has reinforced the perception of Bitcoin as an attractive asset, in particular because its volatility ratio against gold has been reduced to levels close to 2.0, analysts indicate
For JPMorgan, That fall in the volatility ratio indicates that Bitcoin is quoting below its fair value in relation to the precious metal. In fact, according to its estimates, the current price is about USD $ 50,000 below the level that its models consider balanced compared to gold.
Global context and perspectives
The analysis adds to a growing debate about the role of digital assets in a world marked by persistent inflation and tax deterioration of advanced economies. The tendency to diversify reservations and wallets outside the dollar has placed both Gold and Bitcoin at the Center for the Attention of Institutional and Retail Inverters.
Although the scenario projected by JPMorgan It does not imply a price guarantee, it does reflect how large investment banks begin to recognize Bitcoin’s structural position in the global financial ecosystem. For many analysts, the challenge lies in how cryptocurrency will respond to external factors such as the monetary policy of the Federal Reservethe US electoral cycle and the evolution of trust in traditional financial systems.
Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin
Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.
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