JPMorgan estimates Bitcoin ( BTC ) fair price at $38,000. That valuation is 28 percent above the current level of around $29,500, the bank said in a note to clients on Wednesday. "The correction in the crypto market over the past month is looking more like a capitulation compared to January/February last year. And we see upside potential for Bitcoin and crypto markets in general," the release continued. Bank strategist Nikolaos Panigirtzoglou was the main author of this document.
A note from the bank to investors also estimated Bitcoin 's fair value at this level in February. At the time, it was around $43,000.
Crypto has overtaken real estate as the preferred “alternative investment” at the bank , as have hedge funds, the release notes. It said :
"So far, there has been little sign of venture capital funding slowing down following Terra's collapse. Of the $25 billion in venture capital raised this year, nearly $4 billion went to Terra. We expect venture capital to continue will flow and a similarly long winter as in 2018/2019 can be averted."
Venture capital funding is crucial to avoid this crypto winter.
Venture capital giant Andreessen Horowitz announced that the firm would launch a fourth $4.5 billion cryptocurrency fund . Cryptocurrency venture capital firm NGC Ventures has launched its third blockchain fund , raising $100 million from investors including Babel Finance, Huobi Ventures and Nexo Ventures .
JPMorgan CEO Jamie Dimon has repeatedly expressed his personal dislike for cryptocurrencies , even calling it a scam. The bank itself, on the other hand, has taken a more practical stance. Earlier this year, it became the first major bank to enter the metaverse. Dimon has praised crypto for its potential in cross-border payments .
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