JPMorgan has determined Bitcoin’s (BTC) fair price at $38,000, which is 28% higher than its current level of around $29,500, according to a note the bank issued to clients on Wednesday. The note from the bank said that the past month’s crypto market correction looks more like a concession relative to last January/February and going forward we will see upside for Bitcoin and crypto markets more generally. Bank strategist Nikolaos Panigirtzoglou was the lead author of that particular noted document.
A bank investors’ note placed Bitcoin’s fair value at the exact level in February. At that time the crypto coin was trading at around $43,000.
Crypto has overtaken real estate as the best“alternative asset” for the bank, along with hedge funds, the note continues mentioning that there is petite evidence of VC [venture capital] funding drying up post-Terra’s tumble. Of the $25 billion VC funding year-to-date, nearly $4 billion came after Terra. Our best guess is the VC funding will continue and a long winter similar to 2018/2019 would be prevented.
VC funding would be critical to avoiding that crypto winter, added the note.
On the same day, significant venture capitalist Andreessen Horowitz declared the closing of its fourth cryptocurrency fund at $4.5 billion. Also on Wednesday, crypto-focused venture firm NGC Ventures ventured its third blockchain fund with $100 million extended from investors that retained Babel Finance, Huobi Ventures, and Nexo Ventures.
JPMorgan CEO Jamie Dimon has frequently depicted his personal antipathy toward cryptocurrency, going so far as to call it a fraud, but the bank, itself, has taken a more sensible stance. It became the first major bank in the Metaverse earlier this year. Dimon has glorified crypto for its cross-border payment facility.
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