The capitalization of Bitcoin, regardless of the fact that it's the first cryptocurrency in the world both by the price and its entire timeline on the crypto market, is still comparatively small. It can be explained by pointing out its main investors. They are Millennials, the generation of young people who are into tech innovations.
Older investors don't have enough trust in Bitcoin yet. They prefer investing in assets that are proven by time; mostly it's fiat assets like gold. They simply know and understand such assets better. JPMorgan came to the conclusion that Bitcoin needs to grow by a factor of 10 to reach gold's capitalization level.
However, JPMorgan supposes that this situation will change and more people will give Bitcoin a chance and invest in it. It will be able to compete with gold one day, and it's not because of its value but because of its functionality. You can actually buy goods and pay for services with Bitcoin, not only save your money in it. Unfortunately, these functions of Bitcoin are undermentioned by the mass media, and it does no good to Bitcoin's reputation.
People need to see what it can do to understand it. More businesses jump into a crypto train and start including digital assets into the list of paying options to purchase their goods or services. But people are too intimidated to use these options yet. It's amazing that now you can buy such a wide range of stuff with Bitcoin, from pizza to cosmic flight. But due to lack of representation in mass media, this option is critically underrated, and the supply of crypto as a payment option is still very small. Nevertheless, it's good that big businesses are not afraid of the new challenging technology and keeps adopting cryptocurrency.
JPMorgan believes that in the future Millennials will have more power in the world of finance and bring Bitcoin to a new level. But it won't happen in the short term. It's already time for action if we want it to happen quicker. Using Bitcoin as a paying option is necessary to show the world what it can do. It's the only way to break the stereotype that Bitcoin is something for traders only. All the people in the world need to know that it's multi-functional and can be useful for everyone.