JPMorgan strategist Nikolaos Panigirtzoglou said the price of Bitcoin, the top cryptocurrency by market capitalization, could theoretically reach the $170,000 level if it became as valuable as gold.
This is not a prediction, but a theoretical comparison to show Bitcoin’s upside potential.
The strategist adjusted for Bitcoin’s higher volatility compared to gold.
JPMorgan estimates the production cost of Bitcoin (the cost to mine 1 BTC) at approximately $90,000, down from $94,000 in mid-November.
This decrease is due to lower hashrate and lower mining difficulty after China tightened its mining ban.
The strategist sees production costs as a soft price floor, meaning miners will not sell below cost.
gold big ear
Gold has significantly outperformed BTC and is on track to record its best calendar year since 1979.
The yellow metal has gained 62% against its digital rivals this year, crushing the “safe haven” narrative pushed by Bitcoin supporters.
Expectations for interest rate cuts, a weaker US dollar, and geopolitical risks have combined to create the perfect environment for gold to rally significantly.
In 2025, central banks (particularly in China, India, and Türkiye) continued to make record gold purchases.
Meanwhile, Bitcoin recently plummeted to $80,000. However, JPMorgan is confident that the flagship cryptocurrency can outperform by 2026.
