Jamie Dimon’s JPMorgan says bitcoin’s slide has created ‘significant upside’ for crypto investors

Jamie Dimon’s JPMorgan says bitcoin’s slide has created ‘significant upside’ for crypto investors

Bitcoin's has left the digital token well below its fair price, giving the cryptocurrency "significant upside" now, JPMorgan Chase said in a research note this week. The bank said bitcoin was undervalued by 28%, and put its price target for the coin, which was trading at on Thursday afternoon, at $38,000 according to . Bitcoin fell below $26,000 earlier this month for the first time since December 2020, just as stock markets have been similarly pummeled — largely due to inflation fears. "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," strategist Nikolaos Panigirtzoglou wrote on Wednesday. JPMorgan's positive outlook is notable because CEO Jamie Dimon is a . Dimon has said that he "personally think[s] that bitcoin is worthless," though he has acknowledged that many of his clients feel differently. "I'm not a bitcoin supporter. I don't care about bitcoin. I have no interest in it," . "On the other hand, clients are interested, and I don't tell clients what to do." Last summer, JPMorgan to a six crypto funds, to add bitcoin exposure to their portfolios. That's despite Dimon's prior