In a note on Wednesday, JPMorgan analysts stated that Bitcoin could reach about $165,000 by year-end, highlighting that the cryptocurrency is undervalued relative to gold on a volatility-adjusted basis. The analysts, led by Nikolaos Panigirtzoglou, noted that the "debasement trade," which involves investors buying assets like Bitcoin or gold as a hedge against the devaluation of fiat currencies, could serve as upside momentum for BTC. Panigirtzoglou pointed out that the bitcoin-to-gold volatility ratio has dropped below 2.0, meaning Bitcoin now consumes about 1.85 times more risk capital than gold, the lowest ... (full story)