JPMorgan is telling clients that getting in to Bitcoin at current prices could have major upside for them down the line. The bank believes bitcoin is undervalued by 28% and has set a price target of $38,000 for the coin, which is currently fluctuating at about $29,000.
"We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds" they wrote.
Last summer, JPMorgan began offering six crypto funds to its wealth management clients, allowing them to diversify their portfolios with bitcoin exposure.
Bitcoin sank below $26,000 for the first time since December 2020 earlier this month.
"We see upside for Bitcoin and crypto markets in general going forward" says strategist Nikolaos Panigirtzoglou.
But the pain isn't limited to crypto, as seen last week when the NASDAQ 's market lost more than Bitcoin. In both cases, inflation fears are being blamed.
Author: Justin Derbek
New York News Desk
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