Bitcoin’s “fair value” is around $38 000 based on its volatility compared to gold, according to JP Morgan Chase & Co. strategists. The strategists calculated the fair-value level at around $38,000 based on Bitcoin being roughly four times as volatile as gold. In a scenario where the volatility differential narrows to three times, the fair value rises to $50,000. The strategists' long-term theoretical target for Bitcoin -- a level that would put its total market value on par with that of all gold held privately for investment purposes -- sits at $150,000.