First Mover: Bitcoin Steady Over $13K as JPMorgan Has Eureka! Moment

Now, as bitcoin mounts what might be its most durable rally in almost three years, the bulls may have to get used to a new sensation: vindication.

Analysts for JPMorgan, the largest U.S. bank, wrote Friday in a report that bitcoin has "Considerable" price upside in the long term, as reported by CoinDesk's Zack Voell.

Bitcoin's increasing use as an alternative to gold is amplified by millennials' interest in cryptocurrency, according to the report, written by JPMorgan's global quantitative and derivatives strategy team.

"Even a modest crowding out of gold as an alternative currency over the longer term would imply doubling or tripling of the bitcoin price from here," the analysts wrote.

It's pretty hard to resist dredging up JPMorgan CEO Jamie Dimon's memorable remark in 2017 that bitcoin was a "Fraud."

Bitcoin has climbed 82% in 2020, and it has doubled in value since Dimon made the disparaging remark in October 2017.

Bitcoin's technical charts are showing signs of temporary bull fatigue.

Dips could be short-lived, as the cryptocurrency's long-term bull case has been bolstered by the online payments giant PayPal's recent decision to announce support for bitcoin.

Several top public companies have recently disclosed their bitcoin holdings, providing a strong vote of confidence in the cryptocurrency's future.

Swiss central bank, Bank of International Settlements plan test of central bank digital currency by end of year.