A JPMorgan report says that Bitcoin’s “fair price” is $35,000. However, the company still thinks crypto will outperform and predicts a return to $50K by 2019. Experts say they expect an influx of new capital into the industry as digital currencies come back from their recent lows and begin to be used again in major business deals.
The “jp morgan bitcoin prediction” is a recent article that says that the price of Bitcoin will go up to $35,000 by 2024. JPMorgan still expects crypto to outperform.
JPMorgan Chase & Co., an American multinational investment bank, has established a price for Bitcoin, which is much lower than the current market price.
Alternative assets, including cryptocurrencies, “could continue to outperform beyond 2022,” according to a report to investors as part of the bank’s first outlook focusing on alternative investments.
According to the firm’s pricing model, Bitcoin’s “fair value” is about $35,000, which is around 45 percent less than its current trading price of $63,281. Nonetheless, the analysts said that a price objective of $73,000 looks plausible if the relative volatility continues into next year, but not the sky-high projections many predict.
“This calls into question whether a price objective of $100K or more, which seems to be the current consensus for 2022, is a viable Bitcoin aim in the absence of a dramatic drop in Bitcoin volatility.”
The present entry position “seems unfavorable,” but crypto assets are on a “multiyear structural climb,” they said.
According to the experts, the alternative asset class, which includes private debt and private equity, would yield 11% next year, more than double the 5% increase seen in equities and fixed income. Due to its volatility, they did not suggest crypto as a “core holding.”
After the August rally, JPMorgan warns against ‘frothy’ crypto markets.
In early September, JPM analysts cautioned about volatility after positive market activity in August, when global crypto capitalization surpassed $2 trillion by the end of the month. According to CoinGecko, the market value has surged by 35% to $2.87 trillion in only two months.
JPMorgan CEO Jamie Dimon indicated in late September that Bitcoin prices might yet rise tenfold, but he isn’t interested in investing in it. The asset was likewise “worthless” the next month, according to him.
Retail wealth customers of the bank are certainly intrigued, and they were given access to the crypto asset class in July. JPMorgan analysts observed in early October that institutional investors prefer Bitcoin over gold as an inflation hedge.
Morgan Stanley, a Wall Street financial firm, has also begun offering crypto asset research. The bank released a study for its wealth management customers on Nov. 1 that included industry trends, crypto market indicators, and possible regulatory implications.
According to sources, Morgan Stanley is one of a number of large investment banks seeking to acquire crypto expertise, including JPMorgan, Wells Fargo, UBS, Citigroup, and Goldman Sachs.
JPMorgan Chase’s CEO, Jamie Dimon, said that Bitcoin is “a fraud” and the cryptocurrency will never be worth more than $35,000. JPMorgan still expects crypto to outperform because of its ‘fair price’. Reference: crypto news.
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