Panigirtzoglou expects bitcoin’s competition with gold to continue, especially as more millennials invest, given their preference for cryptocurrencies.
Nonetheless, the bank noted that bitcoin’s volatility is falling and that a price of $73,000 looks reasonable as the price target for 2022.
This is not the first time JPMorgan has predicted that the price of bitcoin could rise to $146K.
Meanwhile, the firm’s clients see crypto as an asset class that they want to invest in and the bank is now offering various crypto investments to clients.
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According to reports, the mining farm was operating illegally without permits that the national cryptocurrency watchdog, Sunacrip, requires for these operations.