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Practically everyone has heard of Bitcoin at this point. It catapulted cryptocurrencies onto the mental zeitgeist of most millennials looking to trade something else besides cold hard cash.

Recently, analysts at J.P. Morgan’s Global Markets Strategy group concluded that Bitcoin could possibly rival gold, a huge step forward in legitimacy for the cryptocurrency. Their prediction is surprising since the company's CEO Jamie Dimon previously called the cryptocurrency a "fraud" and "worst than tulip bulb." He even stated that he will terminate the employment of anyone who will trade on it since it is a "stupid" move.

Although Bitcoin isn't impervious to gluts, it has ascended to $20,000 per share at one point. It is currently hovering around $10,000 over a three-month stretch, which is a record This is something J.P. Morgan analysts surely noticed too.

J.P. Morgan analysts are also basing their conclusion on Square's decision to invest $50 million in Bitcoin as well as PayPal's move to allow users to buy, hold, and sell the cryptocurrency on its platform. In the end, two major financial services firms decided to jump on board.

Interestingly, J.P. Morgan's analysts suggest Bitcoin could triple in value if current trends continue, potentially foisting it to the heights of gold. That said, it has pointed out that gold dwarfs the cryptocurrency in total investment capital. Gold is valued at $2.6 trillion while Bitcoin is worth $240 billion.

“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,” wrote J.P. Morgan analysts in a research note to investors.

The note also correlated Bitcoin's success to millennials, who are beginning to adopt the cryptocurrency in increasing numbers and consider it digital gold. It is no mistake that gold commercials are aired on channels that cater to older demography. As J.P. Morgan relates, there has been a generational shift in trading habits.

“The older cohorts prefer gold, while the younger cohorts prefer Bitcoin as an ‘alternative’ currency,” according to the analysts. Enthusiasm certainly increased for Bitcoin as a recent Charles Schwab survey revealed that Grayscale's GBTC trust's positions in Bitcoin proved to be more popular than Netflix or Disney.

The J.P. Morgan analysts also expressed caution that the cryptocurrency "looks rather overbought and vulnerable to profit-taking" for the near-term. However, if their long-term prediction is right, this could be the beginning of a new era in Bitcoin supremacy.