Renowned investment bank, JPMorgan, has dropped another price prediction for the digital gold – bitcoin. The firm which had earlier said $600 Billion could flow into Bitcoin from insurance companies and pension funds have come out to say that Bitcoin could eventually reach $650,000.

In a recently released report, the bank explained that Bitcoin and gold have benefitted from the global coronavirus pandemic. Although Bitcoin has outperformed gold this year, if the market capitalization of the digital asset could reach that of gold, then a price of $650,000 is possible. According to the firm:

Alternative ‘currencies’ such as Gold and Bitcoin have been the main beneficiaries of the pandemic in relative terms growing their assets (for investment purposes) by 27% and 227%, respectively.

Bitcoin has had an interesting run-up in the last few weeks. On December 16, the cryptocurrency broke the $20,000 resistance after attracting a large number of investors. Its price is still around $24,000 and $650,000 seems like a long shot. For some perspective, Bitcoin’s price has to increase by over 2700% to achieve $650,000. However, it is not impossible. To date, the digital asset has increased by over 627000%.

Bitcoin is currently valued at $0.44 trillion. Interestingly, the digital asset grew $0.3 trillion in market cap, this year alone. Gold, on the other hand, has a market cap of roughly 10 trillion. So, if Bitcoin manages to hit or exceed a market valuation of $10 trillion, its price should be around $600,000.

With that said, such a price increase is not expected to happen overnight. However, considering the number of institutional investors putting in some “big money,” $650,000 might come sooner than later.