JPMorgan says Bitcoin’s true value is $35,000 amid price crash

2021-5-23 23:43

JPMorgan research analysts have said that institutional investors are swapping Bitcoin for gold for the first time in six months. This is after crypto, including Bitcoin, took a major tumble dropping to lows just above $30,000.

Earlier this year, JPMorgan analysts updated a Bitcoin price target to $130,000. According to Business Insider, they said that Bitcoin would need to reach that target price “to match the total private sector investment in gold.”

However, the investment bank warned that “a convergence in volatilities between bitcoin and gold is unlikely to happen quickly and is likely a multi-year process” making the $130,000 price a long-term target.

Since then, JPMorgan has taken steps to support Bitcoin and help its institutional investors access the cryptocurrency. According to CNBC, CEO Jamie Dimon has said that “clients are interested, and I don’t tell clients what to do” and that JPMorgan would help them buy Bitcoin if the clients wanted to.

Dimon, who has previously called Bitcoin a fraud before saying he regretted the comment, prefaced his support of JPMorgan helping clients buy Bitcoin by saying that he is “not a bitcoin supporter”. Nonetheless, support from the world’s largest bank by market cap would be valuable for Bitcoin.

JPMorgan says institutional investors are leaving Bitcoin for gold

Many supporters of Bitcoin have long argued that Bitcoin is digital gold. However, according to JPMorgan’s research, institutional investors are swapping digital gold for traditional gold. This is at a time where Bitcoin has fallen to lows at almost half the price of its peak.

After reaching heights of over $60,000, Bitcoin is still under $40,000 after a slight uptick in price. Bitcoin futures markets have also seen significant liquidation while gold ETFs have seen rising inflow.

As a result of this, JPMorgan stated that the current fair value price for Bitcoin would be $35,000 based on the volatility ratio between Bitcoin and gold.

Inflation-driven investment can lead to growth for Bitcoin

Rising inflation has led many institutional investors to look for safer assets. Bitcoin has often been described as a hedge against the US Dollar while gold is the traditional asset for those trying to escape USD inflation.

Although institutional investors seem to be favoring the latter at the moment, Bitcoin stands to gain from younger investors who prefer Bitcoin to gold. If USD inflation does not decrease, Bitcoin could quickly become the preferred asset for those younger investors trying to avoid decreasing currency value.

The post JPMorgan says Bitcoin’s true value is $35,000 amid price crash appeared first on CryptoSlate.

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bitcoin jpmorgan crash price amid true says

Источник: cryptoslate.com

bitcoin jpmorgan → Результатов: 126


Фото:

As Grayscale’s Big BTC Unlock Nears, JPMorgan Puzzles Over $23,000 Bitcoin Price ‘Fair Value’

Bitcoin has continued to play out in tight range since it found ground in the $29,000 area, a support area that was last established on diverse dates in January this year. Whereas most observers seem to only harbor a bullish bias, JPMorgan has constantly held that that Bitcoin could further drop to $23,000 before gathering […]

2021-7-14 22:12


Джейми Даймон советует держаться подальше от Bitcoin

Генеральный директор американского банковского гиганта JPMorgan меняет свое мнение о Bitcoin как перчатки: от заявления о возможном принятии, до полного отрицания. JPMorgan снова говорит о Bitcoin Несколько лет спустя, когда JPMorgan Bank решил перейти на продукты, ориентированные на криптовалюту, мы могли ожидать, что Джейми Даймон изменит свое мнение по вопросу о Биткойнах и криптовалютах.

2021-5-29 13:36


JPMorgan Analysts Call for $146,000 Long-Term Bitcoin Price Target

With the increased institutional adoption of Bitcoin due to worldwide economic and social factors, the leading cryptocurrency can no longer be ignored. According to JPMorgan analysts via Bloomberg, gold may continue to lose market share: “Bitcoin may have the potential for substantial further gains over the long term as it competes with gold for investment … Continued The post JPMorgan Analysts Call for $146,000 Long-Term Bitcoin Price Target appeared first on BeInCrypto.

2021-1-6 16:36


Фото:

В JPMorgan рассказали о реальной цене bitcoin

Исследователи американского финансового холдинга JPMorgan считают, что реальная стоимость bitcoin остается ниже той, что установлена в отношении актива на рынке. Соответствующие выводы специалистов представлены в материале Bloomberg.

2020-1-13 12:34


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