JPMorgan Predicts Long-Term Bitcoin Price of $150K — Outlines Challenges Ahead
Global investment bank JPMorgan has predicted that the long-term price of bitcoin will reach $150K while the fair value of the cryptocurrency sits at $38K. “The biggest challenge for bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption,” JPMorgan’s analysts explained. JPMorgan’s Bitcoin Price Prediction
Global investment bank JPMorgan has revealed its prediction for the long-term price of bitcoin as well as the cryptocurrency’s fair value.
JPMorgan Chase & Co.’s strategists, led by Nikolaos Panigirtzoglou, wrote in a research note published Tuesday that their long-term theoretical target for bitcoin is $150K, up from $146K predicted last year.
At this level, bitcoin’s total market value would be on par with that of all gold held privately for investment purposes, they explained.
The analysts clarified that bitcoin’s “fair value” is around $38K, up from $35K estimated last year.
They calculated the coin’s fair value based on bitcoin being roughly four times as volatile as gold, adding that if the volatility differential narrows to three times, then the fair value of BTC would rise to $50K.
The JPMorgan strategists wrote: The biggest challenge for bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption.
At the time of writing, the price of bitcoin is $43,855 based on data from Bitcoin.com Markets. BTC is up almost 19% over the past seven days and almost 5% in the last 30 days.
Meanwhile, a JPMorgan client survey shows that the majority of respondents expect bitcoin’s price to reach $60K or more this year. The firm currently offers some crypto investments to clients.
Nonetheless, JPMorgan CEO Jamie Dimon continues to warn people about investing in crypto, citing that the assets have no intrinsic value. He called bitcoin worthlessin October last year, questioning its limited supply. Tags in this story bitcoin price prediction, BTC price prediction, cryptocurrency price prediction, jpmorgan, jpmorgan bitcoin, jpmorgan bitcoin prediction, jpmorgan crypto, jpmorgan cryptocurrency, JPMorgan price forecast
What do you think about JPMorgan’s bitcoin price prediction? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Fintech Specialists Predict Ethereum Price Hitting $6,500 This Year Before Rising to $26,338 by 2030 MARKETS AND PRICES | 5 hours ago Former Thai Central Bank Director Predicts Crypto Bubble Emerging in March MARKETS AND PRICES | 1 day ago
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