JPMorgan has positioned Bitcoin’s (BTC) honest value at $38,000, which is 28% increased than its present degree of round $29,500, in response to a observe the financial institution issued to shoppers on Wednesday. “The previous month’s crypto market correction appears extra like capitulation relative to final January/February and going ahead we see upside for Bitcoin and crypto markets extra usually,” the observe mentioned. Bank strategist Nikolaos Panigirtzoglou was the lead creator of that doc.
A financial institution traders’ observe positioned Bitcoin’s honest worth on the similar degree in February. It was buying and selling round $43,000 at the moment.
“Thus 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 finest guess is the VC funding will proceed and an extended winter much like 2018/2019 could be averted.”
VC funding could be important 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. Also on Wednesday, crypto-focused enterprise agency NGC Ventures launched its third blockchain fund with $100 million raised from traders 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.