[ad_1]
JPMorgan has positioned Bitcoin’s (BTC) honest value at $38,000, which is 28% larger than its present degree of round $29,500, in accordance with a be aware to shoppers the financial institution issued Wednesday. “The previous month’s crypto market correction seems extra like capitulation relative to final January/February and going ahead we see upside for bitcoin and crypto markets extra usually,” the be aware mentioned. Financial institution strategist Nikolaos Panigirtzoglou was the lead writer of that doc.
A financial institution traders’ be aware positioned Bitcoin’s honest worth on the identical degree in February. It was buying and selling round $43,000 at the moment.
Crypto has surpassed actual property as a most popular “different asset” for the financial institution, together with hedge funds, the be aware continues. It mentioned:
“So far there may be little proof of VC [venture capital] funding drying up post-Terra’s collapse. Of the $25 billion VC funding year-to-date, virtually $4 billion got here after Terra. Our greatest guess is the VC funding will proceed and a protracted winter much like 2018/2019 can be averted.”
VC funding can be essential to avoiding that crypto winter, it added.
On the identical day, main enterprise capitalist Andreessen Horowitz introduced the closing of its fourth cryptocurrency fund at $4.5 billion. Additionally on Wednesday, Crypto-focused enterprise agency NGC Ventures launched its third blockchain fund with $100 million raised from traders that included Babel Finance, Huobi Ventures and Nexo Ventures.
JPMorgan CEO Jamie Dimon has repeatedly expressed his private antipathy towards cryptocurrency, going as far as to name it a fraud, however the financial institution itself has taken a extra sensible stance. It turned the primary main bankin the metaverse earlier this 12 months. Dimon has praised crypto for it cross-border fee facility.
[ad_2]
Source link
