JPMorgan backs cryptocurrency over real estate
May 26, 2022
JPMorgan has claimed bitcoin is hugely undervalued right now, following a shocking few weeks for the cryptocurrency, with the financial giant saying its fair cost is 28% higher than its current level.
The current bitcoin cost is around $US29,537 ($A41,637), yet JPMorgan keeps up with $US38,000 ($A53,572) is a fair cost for digital money, a figure it initially put off in February.
This number depends on the reason that bitcoin is multiple times more unpredictable than gold, yet noticed that on the off chance that the unpredictability differential strait to multiple times, the fair cost would ascend to $US50,000 ($A70,526).
JPMorgan’s drawn-out hypothetical objective for bitcoin rose to $US150,000 ($A211,561), up from $US146,000 ($A205,919) in 2021.
In a note to clients, the bank’s strategists, drove by Nikolaos Panigirtzoglou, unveiled the bank had started putting higher worth on cryptocurrency over other resources like real estate.