Multinational investment bank JPMorgan Chase has changed its stance on Bitcoin (BTC), now saying that Bitcoin could easily double or triple its value. Business Insider published a report on October 23 having obtained an internal note discussing the asset.

• The JPMorgan Global Markets Strategy division examined Bitcoin’s value in the long run, especially against an alternative currency to gold
• The note says that the “the potential long-term upside for bitcoin is considerable as it competes more intensely with gold”
• The team also notes that millennials would be driving investment forward, as they put more of their capital into investments
• According to the note, even a “modest crowding” could double or triple Bitcoin’s price
• It also concedes that it could become more valuable as a means of payment, as more economic agents begin to accept the asset
• The bank derided Bitcoin only as recently as 2017, saying that Bitcoin is a “fraud” and that the bubble would burst; it recently called Square’s $50 million investment in Bitcoin a “strong vote of confidence”
• The bank is also working on an Ethereum-based enterprise solution for a network of 300 banks