JPMorgan Chase: Bitcoin may rise to $266000 in the long term

According to a report by JPMorgan analysts, Bitcoin has become more attractive compared to gold, with its volatility to gold ratio dropping to a historical low of around 1.5. After adjusting for volatility, its allocation value has increased. The report estimates that if the market value of Bitcoin matches the scale of private sector gold investment, the price needs to reach $266000, but analysts believe that achieving this goal this year is "unrealistic". The current price of Bitcoin has fallen below about $87000 in production costs, and spot Bitcoin and Ethereum ETF funds have flowed out. However, the clearing scale of the derivatives market is limited, and the contraction of stablecoin supply is a natural adjustment after the market value shrinks.