According to a recent survey, the vast majority of JPMorgan customers do not expect bitcoin to reach $100,000 in the following 12 months. Still, more than 40% of the participants expect the asset to sit at around $60,000 by the year’s end.
JPMorgan Clients Do Not Expect BTC at $100K This Year
The largest cryptocurrency by market capitalization did not manage to climb to the often-touted milestone of $100,000 last year despite numerous predictions from experts and analysts. In fact, bitcoin finished 2021 on a downtrend, which continued in the first days of 2022.
However, some analysts and proponents of the asset still believe that it can reach this price level in the next 12 months.
In contrast, most clients of the US multinational bank JPMorgan Chase & Co are skeptical of such a scenario, according to a recent poll reported by Bloomberg. Only 5% see bitcoin trading at over $100,000 before the end of 2022.
Nikolaos Panigirtzoglou – a strategist at the bank – said he is not surprised by the bearishness his clients have displayed regarding BTC’s future. In his view, the coin’s “fair price” sits between $35,000 and $73,000, and it depends on what investors assume about its volatility ratio versus gold.
The Contrary Forecasts
Unlike JPMorgan’s clients, Nayib Bukele – the pro-bitcoin President of El Salvador – predicted a price tag of $100K for the leading cryptocurrency sometime in 2022. He also envisioned that at least two more nations will follow his country’s path and adopt BTC as a legal tender over the course of the ongoing year.
Nexo’s Co-Founder Antoni Trenchev also sees the asset reaching the six-digit milestone. According to him, such a price surge will be fueled by the rising institutional adoption and will happen by the middle of 2022.
In addition, the 35-year-old Bulgarian opined that bitcoin is an inflation hedge equal to gold. The current inflation rate in most countries is spiking drastically, which could be another reason to drive BTC’s USD value up.
Featured Image Courtesy of Corporate Finance Institute