Bitcoin at $1 million? Some analysts are bullish but others warn of risks ahead

GUANGZHOU, China — Bitcoin could rise to $1 million over the long term to become a reserve currency for the world, according to one asset manager.But JPMorgan warned of risks ahead as the cryptocurrency continues to rally.Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets, said bitcoin could hit $500,000 by the end of the decade. It could eventually reach $1 million per coin, he added, without giving a timeline. "I think that bitcoin will eventually rise to become the global reserve currency. I think bitcoin will eventually be much much larger than the gold market cap," he said during the latest episode of CNBC's "Beyond the Valley" podcast.Bitcoin has surged over the last few months and surpassed $50,000 for the first time this week.A number of factors are behind the rush into bitcoin.There has been large participation from institutional and retail investors. Major companies are also getting more…

Read the original article here