Značka: JPMorgan Chase

Wall Street still not convinced on Bitcoin $100K this year: JPMorgan survey

One of the world’s largest investment banks has its Bitcoin (BTC) price predictions ready for 2022. In a recent poll, JPMorgan Chase asked its clients “where do you see Bitcoin trading at 2022 year-end?” Just 5% said they saw the digital coin reaching $100,000, and 9% saw it breaking previous all-time highs, reaching over $80,000. The bank is known for its wealthy client portfolio. While some BTC bulls may welcome the news that 14% of JPMorgan’s clients expect at least a 2x, it’s not the fireworks the crypto market is accustomed to.On balance, however, the survey is generally positive. Most clients (55%) see BTC trading at $60,000 or above at the end of the year, with only one quarter expecting prices to slide from the recent lows of $40,000.“I’m not surprised by Bitcoin bearishness,” said Nikolaos Panigirtzoglou, the author of the research note who works as the managing director for London at JPMorgan. He continued: “Our Bitcoin-position indicator based on Bitcoin futures looks oversold. The coin’s fair value is between $35,000-$73,000, depending on what investors assume about its volatility ratio versus gold.”The group, which has over $2.6 trillion assets under management, is increasingly involved in the crypto space, particularly since its own token launch, JPM Coin in 2019. Part of the Big Four of American investment banks, it has been educating its customers and investors on the pros and cons of Bitcoin since July 2021. Related: Arcane Research releases its crypto predictions for 2022While its cards remain close to its chest, in September last year JPMorgan’s CEO, Jamie Dimon softened his stance on Bitcoin. He shared that Bitcoin could 10x in a matter of five years, but he still won’t buy any. It’s in contrast to fellow billionaires Ray Dalio and Bill Miller, who suggest anything from 1% to 50% is a reasonable BTC allocation. Amidst growing institutional adoption and calls for $200,000 in 2022 from other funds such as Fundstrat Global Advisors, it begs the question. Are JPMorgan Chase clients on the money, or are the Wall Street execs and other wealthy individuals decidedly bearish?

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Central bank of Bahrain trials JPMorgan blockchain and token

Bahrain is the latest nation to explore blockchain technology by American investment bank JPMorgan, with the country’s central bank trialing JPMorgan’s proprietary digital currency.The Central Bank of Bahrain (CBB) has successfully completed a digital payment test in collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx, according to an official announcement published on Jan. 6.The trial involved two other major institutions, Manama-based international bank, Bank ABC, and Bahrain’s national aluminum smelter Aluminium Bahrain, also known as Alba. The test enabled Bank ABC to settle real-time payments to Alba’s counterparts in the United States using the JPM Coin, a blockchain-based payment system and stablecoin pegged to the U.S. dollar.According to the announcement, the CBB was responsible for supervising the trial. CBB governor Rasheed Al Maraj said that the trial has been crucial for the government of Bahrain to address and potentially eliminate existing inefficiencies in the traditional cross-border payments industry.“We are pleased to announce the success of this test, which is in line with our vision and strategy to develop and enrich the capabilities provided to stakeholders in the financial services sector in the Kingdom using emerging and pioneering technologies,” Al Maraj said.The CBB previously disclosed plans to test out the JPM Coin in May 2021, stating that the trial could potentially extend to its central bank digital currency development.Related: WhatsApp starts testing currency payments with Meta’s Novi walletOriginally announced in 2019, JPM Coin was commercially launched in October 2020.The investment bank has been actively promoting its blockchain tech for global use, partnering with Singapore’s largest bank, DBS, to pilot a blockchain payment system. JPMorgan previously provided its Liink blockchain technology to the State Bank of India to reduce transaction costs and improve cross-border payments.

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