A JPMorgan analyst believes that Bitcoin has significantly greater long-term potential compared to gold. According to his estimates, the price of Bitcoin could reach $266,000 per coin in the future, allowing the cryptocurrency to match the volume of private investments in gold.
This is reported by Finway
Current Situation in the Bitcoin Market
After a record surge to nearly $126,000 in October 2025, the value of Bitcoin has decreased by more than 40% to around $65,000. At the same time, gold prices have risen by about a third, raising doubts among investors about Bitcoin’s ability to serve as a safe-haven asset.
According to JPMorgan, the current price of Bitcoin has fallen below the estimated cost of mining, which is approximately $87,000. Analyst Nikolaos Panigirtzoglou points out that if unprofitable miners exit the market, this level could naturally decrease.
An additional negative impact on the market has been caused by a prolonged outflow of funds from spot Bitcoin ETFs, which has intensified pessimism among retail and institutional investors.
Volatility and Growth Prospects
In its analytical note, JPMorgan highlights a noticeable decrease in Bitcoin’s volatility compared to gold. This metric currently stands at 1.5 — a historically low level that may indicate a convergence of the risk profiles of both assets.
“Given the current volatility, Bitcoin’s market capitalization has the potential to grow to the equivalent of $266,000 per coin, which would align it with the volume of private sector investments in gold, estimated at $8 trillion excluding central bank reserves.”
However, the expert emphasizes that reaching such a level is unlikely in the short term. Nevertheless, in the long run, Bitcoin retains the potential for significant growth. If negative market sentiment eases and the asset is once again viewed as an effective protective tool, Bitcoin could substantially increase in value, according to the JPMorgan analyst.