JPMorgan thinks there’s “significant upside” to the bitcoin price. The investment bank’s global goal for bitcoin is 28% more than the current price. JPMorgan has also substituted real estate for cryptocurrency to be the “preferred alternative asset category”” along the hedge funds .”
JPMorgan’s Bitcoin Price Target is 28% Higher Than The Today’s Price
The global investment bank JPMorgan released a positive note about bitcoin and cryptocurrency Wednesday. JPMorgan’s strategists, which include Nikolaos Panigirtzoglou wrote that their price goal for bitcoin is 38,000 dollars “implying significant upside for digital assets from here.”
As of the moment of the time of writing, bitcoin trades at $29,784, which is down 2.4 percent in the past seven days, and nearly 25% over the past 30 days. JPMorgan’s fair value estimate of bitcoin is almost 28% more than the current value of BTC.
The JPMorgan strategists outlined:
The crypto market’s recent correction appears more like an end to the cycle than the January/February of last year and in the future, we can expect positive growth for crypto and bitcoin markets more broadly.
The price goal of the investment bank of $38K for Bitcoin the bank’s strategists have indicated that their long-term goal price for bitcoin is $150,000.
Crypto Becomes JPMorgan’s Preferred Alternative Asset Class, Replacing Real Estate
Additionally, the world’s investment bank has embraced crypto currencies as their “preferred alternative asset class,” substituting real estate in the face of the soaring rates of mortgages.
JPMorgan stated that the recent market declines have harmed cryptocurrency more than other investments such as real estate.
In a note that suggests the crypto market is more likely to recover The strategists have written:
We therefore replace real estate with digital assets to become an alternative to traditional assets, along and hedge funds.
The JPMorgan note came after a huge selling-off of the crypto market, triggered by the demise of cryptocurrency Terra (LUNA) and the algorithmic stablecoin the terrausd (UST).
The strategists pointed out that even though the drastic decline of two cryptocurrency has hurt the feelings of the majority of digital investors but there is not much evidence that venture capital investment to the crypto industry was slowing.
Coincidentally, the major VC company Andreessen Horowitz (a16z) announced Wednesday that it would be launching a brand new $4.5 billion cryptocurrency fund.
What do you think of JPMorgan’s Bitcoin price prediction and the bank’s plan to replace real property with cryptocurrency as its preferred alternate asset type? Tell us your thoughts.