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    Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

    Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

    Businesses must accept eNaira as a form of payment – CBN

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    Chimaroke Nnamani loses Enugu East Senate Post to Labour Party

    Chimaroke Nnamani loses Enugu East Senate Post to Labour Party

    More than 70 feared dead as boat capsizes in Anambra

    Anambra state House of Assembly election results

    • Nigeria
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    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

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    • Economic Data
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    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI lost by 0.09%, as STANBIC loses 8.52%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Lost By 1.04%, as banking sector drops 1%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The Local Bourse declined by 0.42%, as FLOURMILL loses 5.92%

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    The DMO auctions 4 FGN Bonds worth N360bn in March

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    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

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Home Markets Cryptocurrencies

JPMorgan says Bitcoin could hit $100,000 but warns it would be “unsustainable”

Tuesday, 5 January 2021, 7:47 am
in Cryptocurrencies, Markets
0
Bitcoin jumps to highest since July 2019 after PayPal opens service to cryptocurrencies
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Bitcoin’s was surged over 300% surge in 2020, breaking its 2017 record as due to investor’s renewed interest in the Cryptocurrency. The crypto asset rose by 171% surge in the fourth quarter of 2020 and one of the best-performing assets of the year.

It has been projected that Bitcoin could rally at the same rate in 2021, which could push the price to $100,000. However, JPMorgan in a note on Monday said that such a higher surge will be unsustainable.

“While we cannot exclude the possibility that the current speculative mania will propagate further, pushing the bitcoin price up towards the consensus region of between $50k – $100k, we believe that such price levels would prove unsustainable,” the note said.

Read: NSE daily report: 2.18% up goes the market on first day of trading in 2021

JPMorgan sees bitcoin competing against gold as an “alternative” currency, with an increasing demand for cryptocurrency from millennial investors who prefer “digital gold” over traditional gold.

With a market value of $575 billion, bitcoin would have to surge to $146,000 to match the total private sector investment in gold via ETFs or bars and coins, according to the note.

On Monday, Bitcoin plunged by 17% – its steepest decline since March 2020, after surging to nearly $35,000 on Sunday. It fell back below $30,000 at intraday lows after hitting a record high of $34,792.47 on Sunday.

At 0640GMT on Tuesday, Bitcoin is trading at $30,895.20.

Read: Vitafoam Nigeria Plc discloses dividend qualification date and payment date

The high volatility of Bitcoin makes a risky asset to hold on a long term than gold. For it to become as valuable as gold in the long-term, depends on institutions becoming comfortable with the volatility associated with the crypto asset as it occupies a place in their portfolios.

For risk management purposes, a less volatile bitcoin would likely lead to increased adoption among institutions.

“It is thus unrealistic to expect that the allocations to bitcoin by institutional investors will match those of gold without a convergence in volatilities. A convergence in volatilities between bitcoin and gold is unlikely to happen quickly and is in our mind a multi-year process,” JPMorgan explained.

“We believe that the valuation and position backdrop has become a lot more challenging for bitcoin at the beginning of the New Year,” JPMorgan said.

Despite Bitcoin’s Monday struggles, some experts expect a weak dollar, turbulence across traditional financial markets, and a greater shift in business and commerce online to help fuel further gains. A growing number of prominent investors and entrepreneurs including Twitter CEO Jack Dorsey, Paul Tudor Jones have thrown their weight behind Bitcoin, and even Ray Dalio, who had been something of a crypto skeptic.

By: Ifunanya Ikueze

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