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
- “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.
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