JPMorgan has positioned Bitcoin’s (BTC) truthful value at $38,000, which is 28% larger than its present stage of round $29,500, in line with a word the financial institution issued to purchasers on Wednesday. “The previous month’s crypto market correction seems to be extra like capitulation relative to final January/February and going ahead we see upside for Bitcoin and crypto markets extra typically,” the word stated. Financial institution strategist Nikolaos Panigirtzoglou was the lead creator of that doc.
A financial institution buyers’ word positioned Bitcoin’s truthful worth on the similar stage in February. It was buying and selling round $43,000 at the moment.
Crypto has surpassed actual property as a most popular “various asset” for the financial institution, together with hedge funds, the word continues. It stated:
“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, nearly $4 billion got here after Terra. Our greatest guess is the VC funding will proceed and a protracted winter just like 2018/2019 could be averted.”
VC funding could 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 buyers 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 financial institution within the Metaverse earlier this yr. Dimon has praised crypto for it cross-border fee facility.
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