JPMorgan says Bitcoin looks cheap relative to gold, with its six-month volatility dropping from 60% to 30%—a record low. Bitcoin is now only twice as volatile as gold, the narrowest gap ever.
On a volatility-adjusted basis, Bitcoin’s market cap would need to rise 13% (to ~$126K per coin) to match gold’s $5T in private investment. By JPMorgan’s model, it’s undervalued by ~$16K.
Analysts link this to rising corporate treasury demand, now holding 6% of supply, similar to how central banks once stabilized bonds. Corporate adoption is accelerating via index inclusions and large treasury purchases, drawing more institutional capital.