According to JPMorgan’s published note on bitcoin and cryptocurrency, the bank is bullish on bitcoin expecting a significant upside from current prices. Their price target for bitcoin stands at $38,000, implying around a 30% upside from the current price of $29,144. The bank’s strategists mentioned their long-term theoretical target price for bitcoin stands at $150,000.

Furthermore, the bank now considers cryptocurrencies as its “preferred alternative asset class” along with hedge funds, replacing real estate amid increasing mortgage rates.