JPmorgan doubles the Bitcoin price forecast of $ 146,000 markets and prices
JPmorgan doubles the Bitcoin price forecast of $ 146,000 markets and prices
The global investment bank JPMorgan has doubled its Bitcoin price forecast of $ 146,000. The bank's analyst said that the price of the cryptocurrency could achieve this level if its volatility decreases and institutional investors begin to invest more in Bitcoin than in gold in their portfolios.
JPMorgan renews $ 146,000 Bitcoin price forecast
JPMorgan published a first report in his new publication last week, which focuses on the prospects for alternative investments, including digital assets. The new report is expected to be published every two to three months.
The company's analyst, Nikolaos Panigirtzoglou, predicted that the Bitcoin price could reach $ 146,000 in the long term, with a short-term price target of $ 73,000 for 2022.
"Digital assets are in a structural rise of several years, but in our opinion the current entry point looks unattractive for an investment horizon of 12 months, since Bitcoin seems to have returned to the overbought area," he said.
The JPMorgan analyst added: "The recurrence of inflation concerns among investors in September/October 2021 seems to have renewed interest in using Bitcoin as inflation protection." Repeat his " Bullischer View " for btc made in October, he wrote:
The attraction of Bitcoin as inflation protection may have been reinforced by the fact that gold has not reacted to the increased inflation worries in recent weeks.
Panigirtzoglou expected that Bitcoin's competition lasts with gold, especially since more and more millennials are investing because they prefer cryptocurrencies. "If you consider how big the financial investments in gold are, such a displacement of gold as a 'alternative' currency means a big upward trend for Bitcoin in the long term," he said.
The JPMorgan analyst said, however, that Bitcoin's volatility would have to decrease significantly so that the price forecast of $ 146,000 is true so that rule-bound investors feel comfortable to include the cryptocurrency in their portfolios.
He noticed that btc The volatility of gold is currently about four to five times higher than that of gold. The report added that the current volatility represents such a problem that the fair price of Bitcoin is actually around $ 35,000.
Nonetheless, the bank found that Bitcoin's volatility drops and that a price of $ 73,000 appears to be appropriate for 2022. In addition, Panigirtzoglou said that Bitcoin was very unpredictable and that an increase of over $ 146,000 and a break -in is possible under $ 30,000.
The JPMorgan analyst added: "There is hardly any doubt that cryptocurrencies and digital assets are generally an emerging investment class and are therefore in a multi-year structural upward trend", and leads out:
digital assets have proven to be a clear winner, whereby private investors are connected to institutional investors such as family offices, hedge funds and real money administrators, including insurance.
This is not the first time that JPMorgan has predicted that Bitcoin's price could increase to $ 146,000. The bank first dared to do this long-term price target for Bitcoin in January that Bitcoin as an alternative currency Gold competed. The bank said: "The market capitalization of Bitcoin of currently 575 billion"
jpmorgan recently that" the perception of bitcoin as a better Inflation protection as a gold is the main reason for the current upswing, which has been releasing a relocation from gold ETFs to Bitcoin funds since September. ” In addition, institutional investors are dumping for bitcoin an.
In the meantime, Jamie Dimon, CEO of JPMorgan, has remained skeptical about Bitcoin. In October he said btc War worthless and questioned its limited offer. He also said that Bitcoin has Value and the supervisory authorities will regulate hell from it. In May the JPMorgan boss personally people who stay away from crypto. Dimon said he was not interested in Bitcoin, but his customers are . Meanwhile, the customers of the company see Krypto as an investment class that You want to invest in and now offers different crypto investment to customer.
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