JPMorgan Chase: Bitcoin may reach $266,000 in the long term, increasing its attractiveness relative to gold.

JPMorgan analysts stated that despite short-term sentiment pressure, Bitcoin is more attractive than gold in the long term, with its volatility structure suggesting a potential price of $266,000. The report notes that gold has significantly outperformed Bitcoin since October of last year, but rising gold price volatility and a Bitcoin-to-gold volatility ratio falling to a historical low of around 1.5 make Bitcoin more advantageous after risk adjustment. This target was previously considered inapplicable this year, but after a reversal in negative sentiment, it reflects the upside potential of Bitcoin as a long-term hedging asset. (The Block)