JPMorgan Says Bitcoin Is Undervalued, Sets $126K Fair Value vs. Gold

• JPMorgan says Bitcoin is undervalued by $16,000 compared to gold on a risk-adjusted basis
• The bank’s report notes that Bitcoin’s six-month volatility has hit a record low of just 30%
• On a volatility-adjusted basis, JPMorgan calculates a fair value for Bitcoin of around $126,000

A sharp decline in Bitcoin’s volatility is fundamentally reshaping its investment case, with JPMorgan analysts now arguing the cryptocurrency is significantly undervalued compared to gold. The bank’s latest research reveals Bitcoin’s six-month realized volatility has been cut in half, plunging from 60% earlier this year to a record low of just 30%. 

This historic compression means Bitcoin now trades at only twice the volatility of gold, the narrowest gap ever recorded. The shift signals that the digital asset may require far less risk capital than in the past, strengthening its appeal for institutional portfolios. 

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