JPMorgan has thrown fresh fuel on the most durable comparison in digital assets, arguing in a new research note that Bitcoin now screens “too cheap” versus gold as its volatility collapses to historic lows.
How Undervalued Is Bitcoin?
The bank’s cross-asset team says six-month BTC volatility has fallen from nearly 60% at the start of 2025 to roughly 30%—a series low—and that Bitcoin is now only about twice as volatile as gold, the narrowest gap on record. On the bank’s volatility-adjusted framework, that compression implies Bitcoin’s market value would need to rise about 13%—translating to roughly $126,000 per coin—to align with the roughly $5 trillion private investment market in gold, leaving BTC “undervalued by around $16,000” on this basis.
The framing matters. JPMorgan is not
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