After a sharp drop in cryptocurrency prices, JPMorgan Bank said the fair price of BTC is 28% higher at around $38,000.
According to a Market Insider report, the bank said in a note that cryptocurrencies have surpassed real estate as one of JPMorgan’s preferred “alternative assets.”
“The correction in the cryptocurrency market last month was more of a capitulation compared to January/February of last year, and going forward we see upside potential for bitcoin and the cryptocurrency market in general. Thus, we are replacing real estate with digital assets as our preferred alternative asset class along with hedge funds,” the bank said.