In a new report, JP Morgan, the famous investment bank has made a few Bitcoin related predictions. First, they believe that the BTC price could be $150,000 in the future. This is $4000 higher than the predicted amount in 2021. According to the bank, the current value is $38,000 and this is its fair value. The currency is considered overvalued by 13%.
One big challenge for the biggest crypto is market volatility and cycles which alternate between boom/bust cycles. This is a major hurdle in the widespread adoption by institutions. Bitcoin is four times more volatile than gold, according to JP Morgan’s experts. At the current level, BTC market value would be equal to all the gold held by private entities for investing.
At this specific time, BTC prices are $43,051.45. Per Coinbase data, BTC prices have gone up 17.35% in a week. Based on these and other metrics, investors are optimistic that the market is headed up and maintain bullish tendencies. According to a survey conducted by the bank, participants are convinced that the BTC price will cross the $60,000 mark.
Jamie Dimon, CEO of JP Morgan cautioned against investing heavily in crypto. He has questions about the restricted supply and the inherent value of such assets. He considers bitcoin worthless and expects that all cryptocurrencies will be heavily regulated by all countries. He thinks that such currencies could be illegal in some countries too.
