The debate around the price of Bitcoin has always been one of the most important elements within the crypto community. However, lately it has no longer been reduced only to those crypto users who have traditionally made life in the world of crypto assets. If not, now the big traditional Wall Street firms are also participating, including analysts at JP Morgan who are bullish on the price of Bitcoin.
JP Morgan and Bitcoin
For several years, JP Morgan along with other large American banks were a source of news in the crypto world. Not because of their support for cryptocurrencies or their analysis of the price of Bitcoin. If not for fervently opposing the use of crypto assets, considering them merely speculative assets with no real value.
This, of course, has been changing in recent months with the incredible increase in the price of Bitcoin and other cryptocurrencies. Which has forced these banks to reconsider their stance regarding the crypto market. Starting to launch products related to crypto assets, and dedicating time and staff to the analysis of these digital assets. With the aim of responding to the demand of its customers for more products related to this sector.
For this reason, JP Morgan analysts have recently released their latest predictions around the future of Bitcoin. Showing a total change of attitude on the part of the bank regarding the cryptoasset. And even raising the possibility of a price for BTC as high as $ 130,000 in the long term, if the trend continues as before.
An optimistic prediction
Thus, JP Morgan analysts who have been studying the Bitcoin market have found several trends that favor virtual currency. Starting with the stabilization of its market, significantly reducing its price volatility, one of the main problems for its adoption by institutional investors. This is combined with the strength that it has been demonstrating as an alternative to gold as an asset store of value worldwide.
“Considering the magnitude of financial investment in gold, any displacement of gold as an ‘alternative’ currency implies a great advantage for Bitcoin in the long term.” A group of JP Morgan analysts led by Nikolaos Panigirtzoglou commented in a text sent to the bank’s clients this week.
JP Morgan analysts are bullish on the price of Bitcoin. Source: CoinDesk
In this sense, for the value of Bitcoin to be comparable to that of the gold market, it would have to reach $ 130,000 per BTC. A price that they see is difficult to reach, but not impossible. Especially after the events of recent months, with companies like Tesla and PayPal betting heavily on the future of BTC, thus driving the price of the cryptoactive.