JP Morgan Calls Cryptocurrency Exceeding Real Estate Growth

JAKARTA – Multinational financial firm and investment bank JP Morgan recently revealed that the growth of crypto assets is outpacing real estate. This was conveyed by a JP Morgan strategist.

According to a report by Fortune, JPMorgan strategists guided by Nikolaos Panigirtzoglou say the leading digital asset Bitcoin (BTC) has room to grow. Instead he predicts a slump in the real estate market due to rising mortgage rates.

Strategists from JP Morgan set the target for Bitcoin at a price of 38,000 US dollars. BTC price is predicted to increase by 30 percent with a market cap of 29,359 US dollars at the time of writing.

“Last month's crypto market correction looked more like a capitulation relative to last January/February, and going forward, we see an uptick for Bitcoin and crypto markets more generally,” said the strategist, quoted by DailyHodl.

JP Morgan has recently classified crypto assets as an alternative asset class to real estate. The current downturn in the crypto market has wiped out $1 trillion in overall market cap.

Venture capital firm (VC) Andreessen Horowitz announced the launch of two new funds of $6.5 billion for digital assets and $600 million for games metaverse.

Previously, the CEO of JPMOrgan, Jamie Dimon, was skeptical of crypto. Dimon called BTC a “useless” asset. On the other hand he also acknowledged that DeFi and blockchain can be used by anyone and are new innovations.