JPMorgan released a research note on Tuesday, stating that Bitcoin could reach $146,000 by 2030. And while the price of cryptocurrencies has spiked since this report went public, JPMorgan CFO Marianne Lake said there’s still no reason to buy now.
JPMorgan now says Bitcoin could reach $146,000. But there’s a catch. JPMorgan is bullish on Bitcoin and believes its price could reach $1 million in the next few years.
JPMorgan, one of the largest banks in the United States, has repeated its forecast that Bitcoin’s value would continue to rise and finish the year at $146,000, but has cautioned that the asset’s volatile character will send it sliding down to $35,000.
Bitcoin has risen to $146,000.
In a letter, the bank’s analysts, lead by Nikolaos Panigirtzoglou, said that the Bitcoin price objective of $100k or above would be apparent if the asset’s price volatility decreased significantly.
This calls into question whether a price objective of $100,000 or more, which seems to be the current consensus for 2022, is a viable bitcoin aim in the absence of a considerable reduction in bitcoin volatility.
According to the bank’s analyst, Bitcoin will only be able to reach its goal of $100k if its volatility falls dramatically, allowing risk-averse investors to feel comfortable enough to add it to their portfolio. The price crash in May is one of the reasons institutional investors have remained on the fence about the asset.
Many analysts and industry experts have forecast that the value of Bitcoin might reach $100,000 by the end of the year, citing growing inflation in the United States, which is at a 13-year high. Many institutional investors have been actively seeking for a way to hedge against this increasing tide as a result of this anxiety.
While gold was formerly the preferred investment of these investors, the emergence of millennials in the investing field may lead to the “crowding out of gold as a ‘alternative’ currency,” allowing BTC to expand in the long term.
However, the bank warned that if the asset’s volatile nature returns, the value of the asset could plummet to around $30,000, as it did earlier this year, but they maintained that “there is little doubt that cryptocurrencies and digital assets more broadly are an emerging asset class and thus on a multi-year structural uptrend.”
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The “jp morgan bitcoin news” is a recent announcement made by JPMorgan. The company has now said that Bitcoin could reach $146,000. However, there’s a catch. The company says the price will only reach this level if the current supply of Bitcoins is not increased.
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