Why Bitcoin Will Follow Gold as an Alternative Global Reserve Currency
The mainstream adoption of Bitcoin by institutional investors, retail traders, and nation-states has helped increase its market value. The Federal Reserve Chair Jerome Powell has previously admitted that Bitcoin is digital gold as more investors tap into it to hedge against global inflation.
Last week, JPMorgan analysts highlighted that Bitcoin is undervalued relative to Gold. The mainstream bank set a midterm target of around $126k for the BTC price, which will be fueled by corporations implementing strategic BTC reserves.
With more nation-states expected to follow the United States in implementing strategic Bitcoin reserves, the assets’ share as a global reserve currency will organically grow. Furthermore, Bitcoin is much more scarce than Gold and has more real-world utility than the precious metal, especially in facilitating payments.
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