JPMorgan: BTC undervalued relative to gold due to declining volatility JPMorgan points out that Bitcoin's six-month volatility has dropped from 60% to a historic low of 30%, making its valuation appear lower compared to gold. Currently, BTC's volatility is only twice that of gold, marking the smallest gap in history. After adjusting for volatility, BTC's market cap would need to rise by 13% (to approximately $126,000 per coin) to match gold's $5 trillion scale. According to JPMorgan's model calculations, BTC is currently undervalued by about $16,000. Analysts attribute this phenomenon to rising corporate demand for asset allocation, with companies now holding 6% of BTC's circulating supply—similar to how central banks once stabilized bond markets. With index inclusion and large-scale asset allocation accelerating, increased corporate adoption is attracting more institutional capital into the space.