u.today
According to JPMorgan strategist Nikolaos Panigirtzoglou, the price of Bitcoin, the leading cryptocurrency by market cap, could theoretically reach the $170,000 level if it gets valued the same as gold.
This is not a prediction, but a theoretical comparison to show Bitcoin’s upside potential.
The strategist has adjusted for Bitcoin’s higher volatility compared to gold.
JPMorgan has estimated Bitcoin’s production cost (cost to mine one $BTC) is around $90,000, down from $94,000 in mid-November.
This decline is due to lower hash rate and lower mining difficulty after China strengthened its mining ban.
The strategist sees the production cost as a soft price floor, meaning that miners won’t sell below cost.
Gold's big year
Gold is on track to record its best calendar year since 1979, vastly outperforming $BTC.
The yellow metal is up 62% against its digital rival this year, demolishing the "safe haven" narrative pushed by Bitcoin advocates.
The confluence of rate-cut expectations, US dollar weakness, and geopolitical risk created the perfect environment for a substantial gold rally.
In 2025, central banks (especially China, India, and Turkey) continued record gold purchases.
Bitcoin, on the other hand, recently plummeted to $80,000. However, JPMorgan is convinced that the flagship cryptocurrency will be able to outperform in 2026.