JPMorgan Envisions Bitcoin Rising by 28%, Considers Crypto a Preferred Alternative Asset

Banking giant JPMorgan has made waves in the financial world, envisioning a significant upside for Bitcoin and even touting it as a preferred alternative asset. In a note issued to clients, JPMorgan sees significant upside to the price of bitcoin. The global investment bank's price target for the cryptocurrency is 28% above its current price.

JPMorgan's Bullish Bitcoin Outlook

JPMorgan has placed Bitcoin’s fair price at $38,000, which is 28% higher than its current level of around $29,500. This projection underscores the bank's belief that bitcoin's fair value is 28% higher than its current worth. According to Markets Insider, JPMorgan said in a note Wednesday that bitcoin and cryptocurrencies are now among its preferred “alternative” investments. This marks a significant shift, suggesting a growing institutional acceptance of digital assets.

Bitcoin Outperforming Expectations

Now, as crypto traders brace for a perfect storm to hit the bitcoin price, JPMorgan analysts have flipped from gold to bitcoin, predicting the bitcoin price will outperform. In a surprising disclosure last Wednesday, investment banking giant JPMorgan issued a report to its largest clients touting Bitcoin as its preferred alternative asset. JPMorgan has said that it sees a significant upside to the price of bitcoin, the world's largest cryptocurrency. The global investment bank estimated that the token would reach a price point reflecting this perceived value.