TL;DR Breakdown
- Only 5% of JPMorgan clients see BTC at 100k by end of 2022.
- Strategist at the bank backs clients predicts BTC would end year between $35,000 – $75,000.
- Jamie Dimon still anti Bitcon.
As a result of the dwindling price of Bitcoin and other cryptocurrencies, a lot of enthusiasts currently don’t have much faith in the cryptocurrency.
The low spirit among crypto enthusiasts is evident after a recent survey by Bloomberg revealed that the vast majority of JPMorgan customers do not expect Bitcoin to reach $100,000 by the end of 2022. Only 5 percent of JPMorgan’s customers think bitcoin’s price by the end of 2022 will be over $100,000
In the same vein, more than 40 percent of the participants expect the asset to sit at around $60,000 by the year’s end.
Summing up why enthusiasts are no longer bullish on cryptocurrencies, t is safe to say that after much hype and promotions from prominent analysts that Bitcoin would hit $100,000, it failed to meet that level. In fact, Bitcoin finished 2021 on a downtrend, which continued in the first days of 2022.
However, some analysts and proponents of the asset still believe that it can reach this price level in the next 12 months, which many enthusiasts disagree with.
Nikolaos Panigirtzoglou – a strategist at JPMorgan – said he is not surprised by the bearishness his clients have displayed regarding BTC’s future. In his view, the coin’s “fair price” sits between $35,000 and $73,000, and it depends on what investors assume about its volatility ratio versus gold.
It is worth noting, though, that the top answer, with 41 percent, is Bitcoin to trade at around $60,000 by the year’s end, or approximately 40 percent increase of the current price of the asset.
Jamie Dimon, JPMorgan CEO still anti-Bitcoin
Jamie Dimon has on numerous occasions described Bitcoin, number one crypto, as worthless.
Despite the continued demand for Bitcoin by customers of JPMorgan Bank, the CEO has said he is unimpressed with the crypto performance. “I personally think that bitcoin is worthless. (However) our clients are adults (and) they disagree. That’s what makes markets,” he said in December during an interview.
