Happy HODLmas - Bitcoin Soars To New Record High

JPMorgan meanwhile is also starting to point out Bitcoin's increasing popularity among traditional investors. In fact, the investment bank giant sees a lot more upside potential from Bitcoin as "digital gold," compared to the already "very advanced" adoption of gold. 

In a note to clients, the strategists said:

“The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced. If this medium to longer-term thesis proves right, the price of gold would suffer from a structural headwind over the coming years.”

Today, Bitcoin's market cap is less than 4% of gold's. This immense upside potential has also prompted other big-name investors to share their predictions that involve Bitcoin challenging and even surpassing gold with its $9 trillion market cap.

Morgan Creek's Anthony Pompliano still targets around $100,000 in 2021. However, in the summer he gave a $400,00 target in the longer term if BTC starts catching up to gold. Meanwhile, Gemini exchange founders Tyler and Cameron Winklevoss believe Bitcoin "being a better gold than gold," which means that price rising to $500,000 is now inevitable

MicroStrategy and other investment firms buying significant amounts of Bitcoin is only the beginning of a major shift, according to Cameron. What's more, Wall Street has started warming to Bitcoin as its quickly becoming a "no-brainer" for investment portfolios. Comparing it to the bottom of the first in a nine-inning baseball game, the Winklevoss twins expect Bitcoin's value to continue climbing in the coming years. 

“What if every Fortune 100 or 500 company does that, what if central banks start doing that? It hasn’t even started,” he added.

Happy HODLmas!

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