Analysts at JPMorgan Chase concluded that a troy ounce of gold currently valued at $2,000 is equal to $45,000 in Bitcoin, due to their interdependent nature and use as alternative investments.
The observed upper limit demonstrates the “limited potential” of a possible increase in Bitcoin’s value. Looking towards the halving scheduled for April and May 2024, the strategists forecasted that digital gold will be worth $40,000 and stated that this valuation is in line with the cost of production.
They further suggested that there could be a temporary lag in Ethereum growth before the summer due to the Shapella incident, but conceded that JPMorgan is currently taking a conservative stance due to the fallout from the FTX collapse.
Kaiko analysts, meanwhile, observed that the correlation between Bitcoin and Ethereum was weakening.