Bitcoin and other cryptocurrencies have stormed Wall Street this year, with several of the world’s largest banks launching crypto services. The price of Bitcoin has risen from roughly $15,000 per Bitcoin to over $60,000 at present, producing “supple shocks” that analysts believe have intensified in the previous month.
Now, JPMorgan JPM -0.1 percent, the world’s largest bank, has reaffirmed its long-term projection that Bitcoin would more than double to roughly $146,000 but has cautioned that the extremely volatile nature of Bitcoin might drive its price drastically down, giving Bitcoin a fair value of only $35,000.
In fact, earlier last month, CEO and Chairman of JP Morgan Chase, Jamie Dimon, said that Bitcoin isn’t worth it. It makes no difference to him. Their customers are highly experienced. They are at odds. That is what gives rise to markets. So, if they want to buy Bitcoin for themselves, they cannot hold it for them, but we can provide them lawful, as clean as possible access.
JPMorgan analyst Nikolaos Panigirtzoglou said this calls into question whether a price objective of $100,000 or more, and looks consensus towards 2022, and a viable Bitcoin target in the absence of a considerable reduction in bitcoin volatility. The value of digital assets is increasing with time, yet the current entry point appears to be unfavorable.
Moreover, there is a concern about inflation in the United States, which is currently at a 13-year high, maybe more permanent than temporary, prompted the Federal Reserve to begin reducing its massive pandemic-induced quantitative easing program this week.
Following the pandemic, digital assets investment turned out to be successful for many investors. They joined institutional investors like family offices, hedge funding, and asset managers from insurance companies to spread the asset class. The resurgence of inflation fears among investors in September and October 2021 offers a better time for a growing interest in Bitcoin.
