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Saturday, February 4, 2023

JPMorgan’s Bitcoin Price Prediction

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JPMorgan’s Bitcoin Price Prediction – JPMorgan, a global investment firm, has forecasted that the long-term price of bitcoin will reach $150K, while the cryptocurrency’s fair worth is currently $38K. “The biggest obstacle for bitcoin in the future is its volatility, as well as the boom and bust cycles that stymie institutional adoption,” JPMorgan analysts explained.

In a research note issued Tuesday, JPMorgan Chase & Co. analysts led by Nikolaos Panigirtzoglou wrote that their long-term theoretical aim for bitcoin is $150K, up from $146K anticipated last year.

They noted that at this level, bitcoin’s overall market value would be comparable to all gold held privately for investment purposes. According to the analysts, bitcoin’s “fair value” is roughly $38K, up from $35K last year.

Also Read: Top 10 Cryptocurrencies That Will win the Web 3.0 Race In 2022

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They computed the coin’s fair worth using the assumption that bitcoin is around four times as volatile as gold, and that if the volatility gap narrows to three times, BTC’s fair value will rise to $50,000.

Meanwhile, according to a JPMorgan client assessment, the majority of respondents believe bitcoin would hit $60K or higher this year. Clients can now invest in cryptocurrency through the firm.

Despite this, JPMorgan CEO Jamie Dimon continues to urge investors against investing in cryptocurrencies, claiming that the assets have no fundamental value.

Also Read: Russian Government and Central Bank Agree to Treat Bitcoin as Currency


Former Thai Central Bank Director Predicts Crypto Bubble Emerging in March

A former director of the Bank of Thailand, Anusorn Thammajai has predicted a cryptocurrency crash. He reportedly predicted, “A cryptocurrency bubble would occur at the end of March when liquidity in the financial system declines.”

He pointed out that the very first wave of the cryptocurrency bubble has gone, with many cryptocurrencies losing more than 40% of their value this year.

While bitcoin helps to develop a financial ecosystem in the digital economy, it also poses hazards to financial systems, according to the former Bank of Thailand head. He also advised hazardous asset investors to exercise extreme caution in the second quarter of this year.

Thammajai also stated that he supports the Thai government’s efforts to tax cryptocurrency transactions and tighten cryptocurrency regulation. Criminal businesses have been using cryptocurrency for money laundering and other illegal financing purposes, according to him.

Meanwhile, Thailand recently amended its crypto tax rules, removing the 15% withholding tax that had been scheduled. The Bank of Thailand, the Thai Securities and Exchange Commission, and the Thai Finance Ministry all confirmed last month that cryptocurrencies will be regulated as a form of payment.

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