The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Thursday! Well, that escalated quickly! Bitcoin's $6K move in the past 24 hours amid the U.S. government shutdown sees it heading back toward all-time highs as the "Uptober" narrative gains traction.
In today's newsletter, JPMorgan sees bitcoin hitting $165,000 by year-end. Plus, we take a look at TOKEN2049's best bits, the end of the road for CME gaps, and more.
Let's get started!
P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000!
JPMorgan says bitcoin is undervalued compared to gold, sets $165,000 price target
JPMorgan analysts projected bitcoin could hit $165,000 by year-end, citing its undervaluation relative to gold on a volatility-adjusted basis.
- The bitcoin-to-gold volatility ratio has dropped below 2.0, with bitcoin now consuming 1.85 times more risk capital than gold, implying a 42% upside from its $2.3 trillion market cap, they said.
- The analysts noted that bitcoin flipped from being $36,000 overvalued at the end of 2024 to about $46,000 undervalued relative to gold today.
- They described retail-driven inflows into bitcoin and gold ETFs since late 2024 as part of a broader "debasement trade" tied to deficits, inflation, and weakening fiat currencies.
- Spot bitcoin ETFs saw heavy inflows early in 2025 before cooling in August, while gold ETFs recently picked up, narrowing the flow gap between the two assets.
- JPMorgan's latest call joins a chorus of bullish forecasts heading into year-end, with several other firms and analysts targeting $200,000.
Tokenization framework in most major markets by 2030, Robinhood CEO predicts
Robinhood CEO Vlad Tenev predicted most major markets will roll out asset tokenization frameworks within five years, calling it "a freight train" that will eventually consume the entire financial system.
- However, he acknowledged broad global tokenization adoption could take a decade or more, with the U.S. likely lagging due to entrenched infrastructure that already works "decently well."
- Tenev framed stablecoins as the simplest tokenized assets, arguing that dollar-pegged coins strengthen U.S. dollar dominance and preview broader tokenized asset adoption.
- He also forecast that crypto and traditional finance will fully merge, erasing distinctions as tokenized assets become the default channel for global exposure to U.S. equities.
Kalshi will be on 'every major crypto app' in next 12 months, says John Wang
Kalshi Head of Crypto John Wang said the prediction markets platform will integrate with "every large crypto application and exchange" within the next 12 months.
- Wang is leading Kalshi's onchain push with Solana and Base partnerships, developer grants, real-time event data feeds, AI agents, and new tools for informational arbitrage.
- Kalshi has surged from 3.3% to a 66% market share in prediction markets over the past year, driven by NFL event contract volumes and its successful legal battle with the CFTC.
- Wang also described prediction markets as the "Trojan Horse" for people to enter crypto — likening them to simplified options that can attract mainstream users.
Crypto needs non-USD stablecoins for meaningful utility, Jesse Pollak says
Coinbase's Head of Base, Jesse Pollak, said crypto urgently needs non-USD stablecoins, arguing local currency-pegged tokens unlock real utility for payments, lending, and borrowing.
- Pollak highlighted that Base processed 81 billion stablecoin transactions worth $1.5 trillion last month, with 12 non-USD stablecoins already live and two new launches tied to the Singapore and Australian dollars.
- USD stablecoin supply hit 284.4 billion in September, underscoring the ecosystem's 99% dollar dominance despite demand for other currencies.
- Pollak also teased the upcoming Base App, built around onchain social and creator tools, which already has 1.2 million waitlist signups ahead of a wider rollout.
No more crypto CME gaps?
CME Group said Thursday it will shift its crypto futures and options to 24/7 trading in early 2026, citing growing client demand for nonstop risk management.
- Exchange leaders including, CME, ICE, and Nasdaq, said crypto is the natural first step toward around-the-clock markets, though broader adoption faces operational hurdles.
- "I do believe that is the world that we're going to live in and the market is going to demand it," CEO Terry Duffy said at a joint CFTC–SEC roundtable earlier this week, adding that crypto is the "best way to get there."
In the next 24 hours
- ECB President Christine Lagarde will speak at 5:40 a.m. ET on Friday. Bank of England Governor Andrew Bailey follows at 9:20 a.m.
- Immutable and Moca Network are set for token unlocks.
- TOKEN2049 events continue in Singapore.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
