As cryptocurrencies become increasingly common, JPMorgan estimates that Bitcoin could top out at €146,000 per coin in the future. In a new note, strategists at the investment bank led by Nikolas Panigirtzoglou shared their thoughts on how Bitcoin could compete with gold as an asset class. However, to do this, Bitcoin's market capitalization of around €575 billion would have to increase more than four times. JPMorgan's prospects for the future of cryptocurrencies also hinge on increased institutional investment, which will likely take some time. The strategists explained that their Bitcoin price target will not be hit any time soon in their rating, saying: “A foreclosure on gold as an 'alt' currency means a big upside for Bitcoin in the long run. A convergence of volatility between Bitcoin and gold is unlikely to happen quickly and is, in our mind, a multi-year process. This implies that Bitcoin's theoretical price target of €146,000 above should be viewed as a long-term target, and therefore an unsustainable price target for this year.