JP Morgan now views Bitcoin as more attractive than gold for long-term institutional holdings, citing lower relative volatility and a stronger risk-adjusted profile. The bank’s quantitative strategist Nikolaos Panigirtzoglou made the case in its latest note, which stated the view.
The firm noted recent crypto swings but highlighted modest outflows and steadier liquidity, according to a media tweet sharing the summary. “JPMorgan’s key point: Bitcoin’s risk-adjusted profile versus gold has strengthened. Its volatility relative to gold has fallen to a record low, implying significant upside potential over the long term.”
Market commentators also broke down the bank’s stance in a separate tweet, noting cooling volatility and possible portfolio shifts. “J.P. Morgan’s strategists are now favoring #Bitcoin over gold for the long term, and the implications for institutional capital are massive. Risk-Adjusted Dominance: As Bitcoin’s volatility cools, it’s becoming a ‘mathematical peer’ to gold, not just a speculative play. The $170k Target: By aligning Bitcoin’s risk profile with gold, analysts see a clear path to a six-figure valuation based on portfolio parity. Mechanical Adoption: This isn’t about ‘believing’ in crypto; it’s a mechanical reallocation of wealth into assets with fixed supply.”
Price models from Coincodex show multi-year gains if current trends persist, with median targets of about $82,400 by end-2026 and roughly $166,400 by 2030. Forecasts extend to near $968,300 by 2040 and about $1.45M by 2050 (Ed. note: Coincodex updated these figures on Feb. 6, 2026).
