JPMorgan, the largest U.S. bank by assets, has shifted its stance and now believes bitcoin can outperform gold in the coming months. Its volatility-adjusted model places BTC’s theoretical value between $170,000 and $266,000 depending on the note. Gold represents a market of over $25 trillion, while bitcoin’s market cap remains under 10% of that total, creating favorable asymmetry for bitcoin should significant inflows materialize. Bitcoin’s annualized volatility fell to a historic low of approximately 30% in summer 2025, bringing the BTC-to-gold volatility ratio down to 1.5. JPMorgan has launched the JPMD token on Base and allows its wealthy clients to use Bitcoin ETF shares as loan collateral.
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