Institutional investors own roughly $3 trillion worth of gold, which could be good news for BTC.
Should bitcoin start resembling more the price performance as well as the investment structure of gold, its price could skyrocket to $45,000, according to a note by JPMorgan’s analysts.Bitcoin’s YTD performance has been rather impressive, as the asset entered 2023 at under $17,000 following a turbulent 2022. However, it broke above that level in the first few weeks of the new year and skyrocketed to above $30,000 in the following months.
“Investors are currently holding gold for investment purposes outside of central banks to the tune of around $3 trillion, which, if paralleled with Bitcoin, presents a $45,000 price. This projection is based on the assumption that Bitcoin’s value will match that of gold in private investors’ portfolios, in terms of risk capital or volume,” – reads the note.
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