Another of the globe’s major investment firms has released its Bitcoin (BTC) price forecast for 2022.
JPMorgan Chase polled its customers, asking them, “Where would you anticipate Bitcoin trading by the conclusion of 2022?” Only 5% predicted the digital coin would hit $100,000, while 9 percent stated it would surpass past all-time highs, hitting more than $80,000.
The bank is well-known for its affluent clientele. While certain BTC bulls might well be encouraged by the fact that 14 percent of JPMorgan’s customers foresee at minimum a twofold gain, it is hardly the theatrics the cryptocurrency market has been familiar with.
Overall, the poll results are good. Clients (55 percent) anticipate BTC to trade at $60,000 or higher by the conclusion of the year, with one-quarter anticipating a drop from current lows of $40,000.
The business, which manages approximately $2.6 trillion in assets, is becoming more active in the cryptocurrency area, notably after the introduction of its personal JPM Coin in 2019. From July 2021, it has been teaching its clientele as well as investors on the advantages and drawbacks of Bitcoin as one of the Big Four major American financial institutions.
Whilst it keeps its decks tight to its heart, JPMorgan CEO Jamie Dimon modified his position on Bitcoin in September of the previous year. He stated that Bitcoin may be tenfold in five years, however, he will not purchase any.
In comparison, prominent billionaires Ray Dalio, as well as Bill Miller, believe that an acceptable BTC proportion to someone’s portfolio ranges between 1% and 50%.
With increased institutional acceptance including demands for $200,000 in 2022 from rival firms like Fundstrat Global Advisors, it raises the query: Are JPMorgan Chase customers on the right track, or are Wall Street executives as well as other affluent folks firmly bearish?