If Bitcoin Behaves Like Gold — JPMorgan’s Model Points to a Very Different Price
Bitcoin versus gold has always been one of the market’s most heated debates, and this week it picked up momentum again after JPMorgan shared a striking valuation perspective. According to the bank’s latest analysis, if Bitcoin is priced the same way investors value gold — especially on a volatility-adjusted basis — its fair value could be far higher than the levels we see today. Their model suggests a long-term theoretical price that pushes toward the upper end of six figures, highlighting how discounted Bitcoin might currently be relative to its store-of-value narrative.
The insight comes at a moment when the gold-versus-Bitcoin debate is back in the spotlight. A high-profile panel featuring long-time gold advocate Peter Schiff and Binance co-founder Changpeng Zhao once again showcased how sharply divided opinions still are. But underneath the noise, JPMorgan’s research introduces a more structural question: If Bitcoin’s volatility continues to compress and adoption keeps expanding, will markets eventually reprice it closer to traditional safe-haven assets?
This isn’t a prediction — it’s a framework. But it underscores a broader shift: Bitcoin is slowly transitioning from a speculative instrument to a maturing macro asset class. And as this evolution continues, the valuation models used to judge it may change just as quickly.
