Only 5% of JPMorgan’s Clients Believe Bitcoin Will Reach $100,000 in 2022 (Report)
According to a current survey, the overwhelming majority of JPMorgan prospects don’t anticipate bitcoin to succeed in $100,000 within the following 12 months. Still, greater than 40% of the members anticipate the asset to take a seat at round $60,000 by the yr’s finish.
JPMorgan Clients Do Not Expect BTC at $100K This Year
The largest cryptocurrency by market capitalization didn’t handle to climb to the often-touted milestone of $100,000 final yr regardless of quite a few predictions from specialists and analysts. In reality, bitcoin completed 2021 on a downtrend, which continued within the first days of 2022.
However, some analysts and proponents of the asset nonetheless consider that it will probably attain this value degree within the subsequent 12 months.
In distinction, most purchasers of the US multinational financial institution JPMorgan Chase & Co are skeptical of such a state of affairs, in accordance with a current ballot reported by Bloomberg. Only 5% see bitcoin buying and selling at over $100,000 earlier than the tip of 2022.
Nikolaos Panigirtzoglou – a strategist on the financial institution – mentioned he’s not stunned by the bearishness his purchasers have displayed concerning BTC’s future. In his view, the coin’s “fair price” sits between $35,000 and $73,000, and it depends upon what traders assume about its volatility ratio versus gold.
It is value noting, although, that the highest reply, with 41%, is bitcoin to commerce at round $60,000 by the yr’s finish, or roughly 40% enhance of the present value of the asset.
The Contrary Forecasts
Unlike JPMorgan’s purchasers, Nayib Bukele – the pro-bitcoin President of El Salvador – predicted a price ticket of $100K for the main cryptocurrency someday in 2022. He additionally envisioned that not less than two extra nations will observe his nation’s path and undertake BTC as a authorized tender over the course of the continuing yr.
Nexo’s Co-Founder Antoni Trenchev additionally sees the asset reaching the six-digit milestone. According to him, such a value surge might be fueled by the rising institutional adoption and can occur by the center of 2022.
In addition, the 35-year-old Bulgarian opined that bitcoin is an inflation hedge equal to gold. The present inflation charge in most nations is spiking drastically, which might be one more reason to drive BTC’s USD worth up.
Featured Image Courtesy of Corporate Finance Institute
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