JPMorgan sees upside for Bitcoin and crypto amid market downturn

JPMorgan sees upside for Bitcoin, crypto amid market downturn

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A JPMorgan strategist said digital assets are the bank’s preferred alternative asset class while placing Bitcoin’s fair price value at 28% higher than its current price of about US$29,000.

See related article: JPMorgan predicts $150,000 Bitcoin price in the long run

Fast facts

  • “Going forward, we see upside for Bitcoin and crypto markets more generally,” JPMorgan strategist Nikolaos Panigirtzoglou wrote in a Wednesday note.
  • Although JPMorgan pegs Bitcoin’s fair value in the short term at around US$38,000, its long-term price estimate for Bitcoin is US$150,000.
  • The selloff hurt cryptocurrencies more than alternative investments like private equity, private debt, and real estate, leaving room for crypto to rebound, the note said. 
  • According to Panigirtzoglou, the global investment bank has replaced real estate, on the back of rising mortgage rates, with digital assets as its preferred asset class along with hedge funds.

See related article: How JPMorgan’s Onyx is redefining payments in banking with blockchain

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