JPMorgan said bitcoin could rally as high as $146,000 in the long term as it competes with gold as an alternative currency.
JP Morgan CEO Jamie Dimon who previously served on the Board of Directors of the Federal Reserve Bank of New York once called bitcoin a fraud and that he is more interested in blockchain technology than cryptocurrency.
One of the biggest US investment banks thinks the digital currency could have much further to run. However, given Bitcoin's volatility, investors cannot rule out another significant sell-off similar to its 85% decline from its 2017 high.