The world’s largest cryptocurrency Bitcoin (BTC) has been facing strong resistance at $30,000 levels, and some industry experts suggest a further downside from here. However, Wall Street banking giant JPMorgan is bullish on Bitcoin and sees a 28% upside from the current levels.
In a note to investors, JPMorgan strategists wrote that $38,000 was a “fair price” for Bitcoin. Furthermore, the bank holds a more optimistic view of the broader crypto market going forward. In its note to clients, JPMorgan wrote:
“The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally”.
But despite all this support, JPMorgan has moved Bitcoin and crypto from an “overweight” to an “underweight” rating. “The biggest challenge for Bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption,” the strategists wrote.
JPMorgan Prefers Crypto Over Real Estate
The banking giant also said that Bitcoin and crypto are among its preferred “alternative investments”. JPMorgan says that Bitcoin and crypto have registered an even sharper correction when compared to other asset classes such as private debt, private equity, and real estate.
“We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds,” the bank’s strategists wrote.
The global macroeconomic setup has put Bitcoin and other cryptos under severe pressure. As the Federal Reserve plans to increase interest rates amid soaring inflation, investors have been moving money to risk OFF assets.
Some of the world’s billionaire investors continue to support Bitcoin despite the recent fall. Hedge fund billionaire Ray Dalio recently said he continues to support Digital Gold Bitcoin as an alternative asset class. Billionaire Bill Miller also recently said that he continues to hold his Bitcoin investments and hasn’t sold any in this market crash.
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