JPMorgan places BTC fair price at $38k, declares crypto a preferred alternative asset

JPMorgan has placed Bitcoin’s (BTC) just terms astatine $38,000, which is 28% higher than its existent level of astir $29,500, according to a enactment to clients the slope issued Wednesday. “The past month's crypto marketplace correction looks much similar capitulation comparative to past January/February and going guardant we spot upside for bitcoin and crypto markets much generally," the enactment said. Bank strategist Nikolaos Panigirtzoglou was the pb writer of that document.

A slope investors’ enactment placed Bitcoin’s just value astatine the aforesaid level successful February. It was trading astir $43,000 astatine that time.

Crypto has surpassed existent property arsenic a preferred “alternative asset” for the bank, on with hedge funds, the enactment continues. It said:

“Thus acold determination is small grounds of VC [venture capital] backing drying up post-Terra’s collapse. Of the $25 cardinal VC backing year-to-date, astir $4 cardinal came aft Terra. Our champion conjecture is the VC backing volition proceed and a agelong wintertime akin to 2018/2019 would beryllium averted.”

VC backing would beryllium captious to avoiding that crypto winter, it added.

On the aforesaid day, large task capitalist Andreessen Horowitz announced the closing of its 4th cryptocurrency money astatine $4.5 billion. Also connected Wednesday, Crypto-focused task steadfast NGC Ventures launched its 3rd blockchain fund with $100 cardinal raised from investors that included Babel Finance, Huobi Ventures and Nexo Ventures.

JPMorgan CEO Jamie Dimon has repeatedly expressed his idiosyncratic antipathy toward cryptocurrency, going truthful acold arsenic to telephone it a fraud, but the slope itself has taken a much applicable stance. It became the archetypal large bankin the metaverse earlier this year. Dimon has praised crypto for it cross-border outgo facility.