JPMorgan: Bitcoin Outshines Gold, Price Could Reach $170,000
In a surprising turn, JPMorgan analysts declared that Bitcoin now appears more attractive than gold as an investment asset. The Wall Street giant, once skeptical of cryptocurrencies, now sees “significant upside potential” for the leading digital currency.
From skepticism to optimism
Just a month ago, on October 5, Bitcoin hit an all-time high of $126,000 before plunging more than 20% by late October. Earlier this week, the price even dipped briefly below $100,000 — an event that, paradoxically, made analysts at JPMorgan more confident in Bitcoin’s long-term appeal.
According to Nikolaos Panigirtzoglou, a global markets strategist at JPMorgan, Bitcoin’s relative valuation versus gold has shifted dramatically in 2025. The firm’s latest report concludes that “on a volatility-adjusted basis, Bitcoin now offers a better risk-reward ratio than gold.”
Analytical model and valuation basis
Panigirtzoglou’s calculations show that with Bitcoin’s current market capitalization of $2.1 trillion, its price would need to climb by roughly two-thirds — to around $170,000 — to match the $6.2 trillion invested by the private sector in gold through ETFs and physical holdings. The analysis implies that even after recent corrections, Bitcoin remains underpriced relative to traditional safe-haven assets.
The report highlights that Bitcoin’s appeal has grown due to institutional adoption, ETF flows, and the perception of the asset as “digital gold” amid persistent inflation and geopolitical uncertainty. JPMorgan noted that investor portfolios are increasingly diversifying into digital stores of value rather than purely physical ones.
Institutional momentum and market outlook
Institutional flows continue to shape the narrative. The surge in spot Bitcoin ETF volumes in the U.S. and Asia reflects rising confidence that regulatory normalization is nearing completion. Analysts also cited liquidity rotation from gold ETFs into Bitcoin products as one of the clearest signals of shifting market dynamics.
“Bitcoin’s cyclical volatility remains higher than gold’s, but its risk-adjusted returns now exceed those of traditional commodities,” the report states. JPMorgan expects that as volatility stabilizes, the asset could enter a new phase of capital allocation from conservative funds seeking performance diversification.
Conclusion
While many investors still view Bitcoin as a speculative asset, the tone from JPMorgan underscores a changing perception on Wall Street. If the bank’s projection holds true, Bitcoin could rise to $170,000 in the next cycle — not as a bubble, but as a legitimate counterpart to gold in the modern financial ecosystem.
Editorial Team — CoinBotLab