Wall Street still doesn't buy Bitcoin's $100,000 this year, JPMorgan survey shows

JPMorgan Chase calls for calm in the cryptocurrency market. In a recent customer survey, only 5 percent believed Bitcoin would hit $100,000 by the end of the year.

One of the largest investment banks in the world has prepared its Bitcoin (BTC) price prediction for 2022.

In a recent poll, JPMorgan asked its clients, "How do you think Bitcoin will trade at the end of 2022?" Just 5% thought Bitcoin would hit $100,000, and 9% thought it It will break past all-time highs and reach more than $80,000.

The bank is known for its wealthy clientele portfolio. While some BTC bulls may like the news that at least 14% of JPMorgan clients expect bitcoin’s price to at least triple, it’s not the big picture the cryptocurrency market is used to.

Overall, however, the survey was generally positive. The majority of clients (55%) see BTC trading at $60,000 or above by the end of the year, with only a quarter expecting the price to slip from the recent low of $40,000.

"I'm not surprised that some people are bearish on Bitcoin," said study author Nikolaos Panigirtzoglou, a managing director in London at JPMorgan. He continued:

“Our bitcoin position indicator based on bitcoin futures looks oversold. The coin has a fair value between $35,000-$73,000, depending on investors’ assumptions about its volatility versus gold.”

With over $2.6 trillion in assets under management, the group has become increasingly involved in the cryptocurrency space, especially since the launch of its own JPM Coin in 2019. As part of the Big Four U.S. investment bank, it has been educating its clients and investors about the strengths and weaknesses of Bitcoin since July 2021.

Despite remaining cautious, in September last year, the JPMorgan Chase CEO softened his stance on bitcoin. He said bitcoin could double 10 times in five years, but he still wouldn't buy any bitcoin.

This is in stark contrast to other billionaires, Ray Dalio and Bill Miller, who recommend a reasonable allocation of 1% to 50% of bitcoin in their personal portfolios.

With increasing institutional adoption and other funds such as Fundstrat Global Advisors calling for $200,000 in 2022, it raises the question: Is it true that JPMorgan's clients have the right eye, or whether it's Wall Street executives and others The rich are resolutely bearish?