Jamie Dimon’s JPMorgan says bitcoin has ‘significant upside’ now

Bitcoin’s recent slide 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 just above $29,600 on Thursday afternoon, at $38,000 according to Markets Insider. 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 longtime cryptocurrency skeptic. 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,” he said last year. “On the other hand, clients are interested, and I don’t tell clients what to do.”Read more about tech and crypto from CNBC Pro

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