Bitcoin

As the digital revolution continues to reshape the financial landscape, Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) has emerged as a formidable contender to challenge the age-old dominance of <a href="https://finbold.com/guide/how-to-invest-in-gold-uk/#:~:text&#61;portfolio%20over%20time.-,Where%20to%20buy%20gold%20in%20the%20UK%3F,either%20online%20or%20in%20person." rel="noopener noreferrer nofollow">gold</a> as a store of value and hedge against <a href="https://finbold.com/guide/high-inflation-impact-on-the-stock-market/" rel="noopener noreferrer nofollow">inflation</a>.This being said, strategists at <a href="https://finbold.com/stock/jpmorgan-chase-stock-jpmj/" rel="noopener noreferrer nofollow">JPMorgan</a> <a href="https://www.barrons.com/articles/gold-prices-bitcoin-45-000-3b3c2a94" rel="noopener noreferrer nofollow">said</a> gold’s price suggests that Bitcoin should be <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">trading</a> substantially higher than its current price level, assuming that many investors see the two assets as interchangeable.According to the analysts, given the bullion’s current price of just below $2,000 an ounce, the world’s leading <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> should be trading somewhere around $45,000, they wrote in a note to clients on Wednesday, May 24. Bitcoin currently trades at $26,512, nearly 70% lower than the level strategists say it should be.However, the premise that both serve as stores of value might fail to convince some, given that Bitcoin has been around for only 14 years, while gold has been playing that role for centuries.For that reason, the majority of institutional investors have stuck with gold as their go-to safe-haven asset, while Bitcoin has been more attractive to retail investors.<h2 id="header-0">Bitcoin halving could also propel BTC price</h2>JPMorgan strategists also reflected on another factor that could potentially drive Bitcoin’s price in the future – the halving event.<a href="https://finbold.com/bitcoin-halving-one-year-away-when-will-btc-price-spike/" rel="noopener noreferrer nofollow">Bitcoin halving</a> refers to a programmed event that occurs approximately every four years, reducing the rate at which new Bitcoins are created by half, leading to a decreased supply of new coins entering the market and potentially impacting its price. The number of tokens miners receive for processing transactions and keeping the blockchain secure also gets halved.The next halving event, which is expected to take place next April or May, would double the cost of mining 1 BTC to around $40,000.Meanwhile, the <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">bank’s</a> strategists were not bullish on Bitcoin’s price in the short term, citing the ongoing <a href="https://finbold.com/category/regulations-news/" rel="noopener noreferrer nofollow">regulatory</a> backlash against digital assets.<blockquote>– the analysts wrote.“The headwinds from the U.S. regulatory crackdown, the unsettling of banking networks for the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto</a> ecosystem and the reverberations from last year’s FTX collapse are likely to constrain any potential upside.”</blockquote><h2 id="header-1">Bitcoin price analysis</h2>At the time of writing, Bitcoin’s price stood at $26,514, up around 1% in the past 24 hours. Over the past month, the cryptocurrency fell 6.6%.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/543ed454df3b4986a7300f4e4daf7f4c.png" />Bitcoin 1-day price chart. Source: FinboldOn the other hand, its year-to-date gains remain strong, at 60%, marking a significant recovery following the 2022 price crash.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>

JPMorgan: Gold prices signal Bitcoin should be at $45,000

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