Watch out, gold, bitcoin’s value is surging and a stunned Wall Street landscape now believes it has greater peaks ahead.

Its market cap is controlled by the number of cryptocurrency coins in circulation, but the digital currency increased by 300%, including a 50% spike over the final two weeks to rally to the $30,000 mark. JP Morgan published a note Monday that predicts bitcoin could reach as high as $146,000 as an alternative to gold.

Bitcoin has not been stable, as shown by its return to below the $30,000 mark on Monday. It bounced back above the mark Tuesday.

“This long-term upside based on an equalization of the market cap of bitcoin to that of gold for investment purposes is conditional on the volatility of bitcoin converging to that of gold over the long term,” JPMorgan’s strategists wrote.

“The reason is that, for most institutional investors, the volatility of each class matters in terms of portfolio risk management, and the higher the volatility of an asset class, the higher the risk capital consumed by this asset class,” they said.

Bitcoin, nearly 10 years old, still needs time to converge as a mainstream currency option, but there are now investment companies such as Grayscale’s Bitcoin Trust that has taken in $3 billion since mid-October, according to CNBC.

For many, bitcoin has been a safe pandemic investment or a quick-gain play

“It’s very likely that the asset will eventually pass $100,000 per coin,” global blockchain project Chainlink co-founder Sergey Nazarov told CNBC. “People have been steadily losing faith in their government currencies for years, and the monetary policies resulting from the economic impact of the coronavirus have only accelerated this decline.”

So maybe JPMorgan CEO Jamie Dimon won’t be calling bitcoin a “fraud” again.

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