JPMorgan, one of the largest investment banks in the world, thinks that the market value of Bitcoin (BTC) can reach $ 650,000 if it converts to the value of Gold. JPMorgan released a report in which they announced that Bitcoin and gold were the main beneficiaries of the pandemic.

Can Bitcoin reach $ 650,000, as JPMorgan suggested?

Bitcoin has been growing and expanding very fast in recent months. The digital asset has managed to attract a large number of investors from all over the world. However, the most important thing to mention here is how companies started investing their funds in Bitcoin.

The investment bank thinks that Bitcoin expansion this year is definitely noteworthy. While other assets have huge market values ​​(over trillions), Bitcoin is still worth $ 0.44 trillion. This year alone, Bitcoin has grown by $ 0.3 trillion in market cap, and a few hours ago the price reached $ 24,000.

JPMorgan wrote on this subject:

“Alternative ‘currencies’ such as gold and Bitcoin have been the relative main beneficiaries of the pandemic, increasing their assets (for investment purposes) by 27% and 227%, respectively.”

If the digital currency continues to expand and attract large numbers of investors. It may be possible to reach $ 650,000.

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As JPMorgan explained, the price of the largest digital asset will not be there tomorrow. However, according to the report, given that there is massive corporate adoption around the world, it may come there much sooner rather than late.

MicroStrategy, Ruffler, and MassMutual are just a few of the companies that have invested millions of dollars in Bitcoin. In the future, there may be more companies investing in Bitcoin and helping the BTC price reach new heights.

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