JP Morgan Sees Bitcoin Rise To $38k, Prefers Crypto Over Real Estate

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Last Updated on 27 May 2022 by CryptoTips.eu

Jeroen Kok

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Conflicting views are always interesting, certainly if they come from opposing business banks and investment firms in the US with a huge influence on markets. Jamie Dimon, CEO of JP Morgan, was never known as a fan of Bitcoin. It is therefore all the more surprising that his company claims Bitcoin at the current price has a 28% upside potential, meaning it would rise to $38k.

On the other side of the coin we see Guggenheim’s CIO Scott Minerd who believes the crypto crash is far from over. According to him, we’re headed for $8k. An overview.

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Crypto over real estate

American behemoth business bank JPMorgan claims that Bitcoin’s current fair price is a stellar 28% higher ($38k) than its current level ($29k at the time of the note’s release), detailing “significant upside from here” after crypto markets fell in the first few weeks of May.

The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally.

JP Morgan’s research note said.

Significantly, as even Australian news reported, the business bank also preferred crypto over current investments in real estate, which they expect to be in for a tough time.

Given that JP Morgan CEO Jamie Dimon argued that Bitcoin was a “fraud” back in 2017, and called the leading cryptocurrency “worthless” in October of last year, that is quite the change of heart.

Everything is suspect

On the other hand of the trade we find Guggenheim Partners Chief Investment Officer Scott Minerd.

He was invited by Bloomberg Television to speak on a bunch of financial topics in between sessions at the World Economic Forum in Davos, Switzerland. Asked about Bitcoin, Minerd expects the world’s biggest crypto coin to fall to $8,000 as the market for digital coins has become a market of “a bunch of yahoos.”

Bitcoin and any cryptocurrency at this point has not really established itself as a credible institutional investment. Everything is suspect.

I’m sure we’re all wondering who will be proven right in the coming weeks and months.