Wall Street still not convinced on Bitcoin $100K this year: JPMorgan survey

One
of
the
world’s
largest
investment
banks
has
its
Bitcoin
(BTC)
price
predictions
ready
for
2022.

In
a
recent
poll,
JPMorgan
Chase
asked
its
clients,
“Where
do
you
see
Bitcoin
trading
at
2022
year-end?”
Just
5%
said
they
saw
the
digital
coin
reaching
$100,000,
and
9%
saw
it
breaking
previous
all-time
highs,
reaching
over
$80,000. 

The
bank
is
known
for
its
wealthy
client
portfolio.
While
some
BTC
bulls
may
welcome
the
news
that
14%
of
JPMorgan’s
clients
expect
at
least
a
twofold
increase,
it’s
not
the
fireworks
the
crypto
market
is
accustomed
to.

On
balance,
however,
the
survey
is
generally
positive.
Most
clients
(55%)
see
BTC
trading
at
$60,000
or
above
at
the
end
of
the
year,
with
only
one
quarter
expecting
prices
to
slide
from
the

recent
lows
of
$40,000
.

“I’m
not
surprised
by
Bitcoin
bearishness,”
said
Nikolaos
Panigirtzoglou,
author
of
the
research
note
who
works
as
the
managing
director
for
London
at
JPMorgan.
He
continued: 

“Our
Bitcoin-position
indicator
based
on
Bitcoin
futures
looks
oversold.
The
coin’s
fair
value
is
between
$35,000-$73,000,
depending
on
what
investors
assume
about
its
volatility
ratio
versus
gold.”

The
group,
which
has
over
$2.6
trillion
assets
under
management,
is
increasingly
involved
in
the
crypto
space,
particularly
since
its
own JPM
Coin
launch
in
2019.
Part
of
the
Big
Four
of
American
investment
banks,
it
has
been
educating
its
customers
and
investors
on
the
pros
and
cons
of
Bitcoin
since
July
2021.



Related: 
Arcane
Research
releases
its
crypto
predictions
for
2022

While
its
cards
remain
close
to
its
chest,
in
September
last
year,
JPMorgan
CEO
Jamie
Dimon
softened
his
stance
on
Bitcoin.
He
shared
that
Bitcoin
could
10x
in
a
matter
of
five
years,
but
he still
won’t
buy
any
.

It’s
in
contrast
to
fellow

billionaires
Ray
Dalio

and
Bill
Miller,
who
suggest
anything
from

1%
to
50%
is
a
reasonable
BTC
allocation
 to
one’s
portfolio.

Amid
growing
institutional
adoption
and
calls
for

$200,000
in
2022

from
other
funds
such
as
Fundstrat
Global
Advisors,
it
begs
the
question:

Are
JPMorgan
Chase
clients
on
the
money,
or
are
the
Wall
Street
executivs
and
other
wealthy
individuals
decidedly
bearish?

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