JPMorgan Sees Bitcoin Hitting $385,000 ... Despite Jamie Dimon’s Opinion
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| By Beth Canova |
Jamie Dimon has never been shy about his views on Bitcoin (BTC).
The CEO of JPMorgan Chase (JPM) has spent years taking shots at the world's top crypto.
He's called it a waste of time. Even a "pet rock." And in a 2023 interview with CNBC, he called Bitcoin a "hyped-up fraud."
And he made it clear he has no plans to change his mind. But here's the twist …
His own bank now thinks Bitcoin could hit $385,000 in the next 10 years.
That's right.
One of Wall Street's biggest Bitcoin critics runs a bank that now sees huge gains ahead for the very asset he's spent years attacking.
And that tells us a lot about where crypto is headed.
Wall Street Is Starting to See the Light
This week, JPMorgan Asset Management released its latest long-term market outlook. For the first time in the report's 31-year history, the bank included Bitcoin in its long-term return models.
And the results may shock you.
According to CryptoSlate, the bank laid out three paths for Bitcoin over the next decade.
Its most bullish case sees Bitcoin climbing to about $385,500. That's more than 4x higher than current prices near $81,000.
But you don't need to look at the best-case outcome to see why this matters. Even JPMorgan's base case — its middle path — points to a price near $215,300 in the next decade.
That works out to gains of about 10% per year.
And here's where things get even more fun: The bank expects large U.S. stocks to gain about 7.5% per year over the same span. Gold? Just 5.5%.
In other words, JPMorgan's base case has Bitcoin beating both stocks and gold over the next decade.
Let that sink in.
The bank led by one of Bitcoin's harshest critics now sees it as a source of strong long-term gains.
That's quite a shift.
Why the Change of Heart?
To be clear, Jamie Dimon hasn't become a Bitcoin fan. And JPMorgan isn't telling all its clients to rush out and buy crypto.
In fact, the bank still warns that Bitcoin can be a wild ride. It sees far more price swings ahead than it does for stocks. And it has yet to add Bitcoin to its main long-term portfolio models.
It also calculated a bear case scenario, as well. One that sees BTC falling some 11% per year to bring it to $25,300 over the next 10 years.
But there’s a reason that outlook isn’t the base case.
Namely, the bank can no longer ignore Bitcoin's place in the world of finance.
For one thing, Bitcoin has a fixed supply and is, by nature, deflationary. There will never be more than 21 million coins.
That's a stark contrast to the dollar and other forms of money, which can grow in supply over time.
And as more money flows through the world economy, that fixed supply could help drive demand.
Then there's gold. For years, investors have turned to the yellow metal as a way to store wealth.
But Bitcoin now offers a digital choice. And JPMorgan sees room for Bitcoin to win a share of the money that might have gone into gold.
Add it all up, and the bank sees a case for strong gains over time. Not because Bitcoin is the latest hot trend.
But because it may have a lasting role in how people save and invest.
There's a clear lesson here for everyday investors: You don't have to love Bitcoin to see its long-term promise.
You don't have to agree with every crypto fan. And you don't have to ignore the risks.
You just have to keep an open mind.
Because if even the old guard on Wall Street can look past its doubts and see a future for Bitcoin, perhaps it's time for more investors to do the same.
And those who take the time to learn about Bitcoin today may be in a far better spot to make the most of what comes next.
You can review our latest updates below to see what your team of crypto experts here at Weiss believe is coming next. And the opportunities you can get into now to help you prepare …
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Best,
Beth Canova
Crypto Managing Editor
