JP Morgan once was as big of a naysayer as is when it came to crypto.
- JP Morgan Sees Upside In Crypto
- Jamie Dimon The Crypto Skeptic
JP Morgan Sees Upside In Crypto
Spotted: Jamie Dimon riding the subway to work because Mayor Eric Adams asked him to pic.twitter.com/h9nngd2N9v
— litquidity (@litcapital) May 17, 2022
In a note released to their investors, trillion-dollar asset manager JP Morgan said that they see “significant upside from here” when it comes to crypto. Bitcoin has fallen as below 30k and has been trading around that range for most of the month of May. Crypto aswell has dipped alongside Bitcoin. Overall, market cap is down from earlier this year.
However, JP Morgan thinks that these lows present a good buy opportunity. In particular, Bitcoin’s fair price, they say, is 38k USD. That’s a far cry from its all-time high of 69k, but most Bitcoin investors would like to see any kind tick up in price right now. This, considering the macroeconomic landscape.
“The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally,” Nikolaos Panigirtzoglou, a strategist for JP Morgan, told investors.
The asset manager’s total assets under management (AUM) recently fell below to a measly 3 trillion USD thanks to attrition in the markets. That still puts JP Morgan double the value of the entire crypto market.
The asset manager also added that crypto right is its preferred alternative asset. An alternative asset is anything that isn’t a stock or a bond. In particular, crypto has replaced real estate as JP Morgan’s alternative asset of choice.
Jamie Dimon The Crypto Skeptic
CEO of Jamie Dimon is a vaunted crypto skeptic. He’s said many bizarre things on the subject in the past like how Bitcoin’s supply cap could be altered, and that he wouldn’t want to invest even if 10x’ed. What a world we live in when the CEO of a trillion-dollar asset manager is too good to make 10x his investment.
Funny enough, Jamie Dimon was a big believer in WeWork. He financed the startup in myriad ways, and even offered to take it public, until founder Adam Nuemann was unceremoniously outsted. Dimon’s company appears to be in good hands with others in the organization making the calls on whether to recommend crypto to their investors.
On another note: JP Morgan shareholders recently rejected Jamie Dimon’s 52.6 million dollar bonus. Robert Reich, former Secretary of Labor, called it a, “rare sign of disapproval.”
Recommended: Lawsuit Reveals JP Morgan Owns‘Critical Ethereum Infrastructure’