JPMorgan Chase & Co. said in an 28 August research note that Bitcoin is trading below its volatility-adjusted value relative to gold, arguing the cryptocurrency now looks "undervalued" when set against the precious metal. The bank highlighted that Bitcoin’s six-month rolling volatility has collapsed to 30% from about 60% earlier this year, bringing the asset’s risk profile closer to gold; Bitcoin is now only twice as volatile as bullion, the narrowest gap on record. On that basis, JPMorgan’s models put Bitcoin’s fair value at roughly US$126,000 by the end of 2025, implying substantial upside from current market levels. The endorsement comes despite Chief Executive Officer Jamie Dimon’s longstanding skepticism toward digital assets.