JPMorgan has placed Bitcoin’s () fair price at $38,000, which is 28% higher than its current level of around $29,500, according to a note to clients the bank issued Wednesday. “The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally,» the note said. Bank strategist Nikolaos Panigirtzoglou was the lead author of that document.
A bank investors’ noteat the same level in February. It was trading around $43,000 at that time.
Crypto hasreal estate as a preferred “alternative asset” for the bank, along with hedge funds, the note continues. It :
“Thus far there is little evidence of VC [venture capital] funding drying up post-Terra’s collapse. Of the $25 billion VC funding year-to-date, almost $4 billion came after Terra. Our best guess is the VC funding will continue and a long winter similar to 2018/2019 would be averted.”
VC funding would be critical to avoiding that crypto winter, it added.
On the same day, major venture capitalist Andreessen Horowitzof its fourth cryptocurrency fund at $4.5 billion. Also on Wednesday, Crypto-focused venture firm NGC Ventures with $100 million raised from investors that included Babel Finance, Huobi Ventures and Nexo Ventures.
JPMorgan CEO Jamie Dimon has repeatedlytoward cryptocurrency, going so far as to call it a fraud, but the bank itself has taken a more practical stance. It in the metaverse earlier this year. Dimon for it cross-border payment facility.