JP Morgan says bitcoin’s 2020 surge is set to continue as the digital cryptocurrency competes better against gold as an alternative currency.

JP Morgan says bitcoin’s 2020 surge is set to continue as the digital cryptocurrency competes better against gold as an alternative currency. In a note, the financial institution says that with millennials set to become a more important market participant in the coming years, their preference for bitcoin to gold sets up the crypto for future success.

The financial institution’s assessment comes as the digital currency continues to see increasing adoption by institutional investors and an embrace by corporations like payments giant Paypal.

According to a report, JP Morgan estimates the “physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.” The financial giant deduces that for bitcoin to catch up with gold market value, “the cryptocurrency would have to surge 10x from current levels.”

Meanwhile, JP Morgan, whose CEO Jamie Dimon once labeled bitcoin a fraud, acknowledges in the note that “cryptocurrencies derive value not only because they serve as stores of wealth but also due to their utility as means of payment.”

The financial giant adds that as “more economic agents accept cryptocurrencies as a means of payment in the future, the higher will be their utility and value.”

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