Wall Street remains unconvinced that Bitcoin is poised to soar to new heights by the end of 2022 a survey has revealed.
Just five per cent of JP Morgan’s clients believe that Bitcoin will reach $100,000 (£73.6k) at the end of 2022, according to a cross asset Research report published yesterday.
The survey results come a week after Goldman Sachs published a trading note which predicted Bitcoin’s price could hit $100k in the next five years if it continues to increase its share of the global store of value market relative to gold.
Respondents to the JP Morgan survey gave an average price prediction of $50k for Bitcoin by the end of this year with 40 per cent of clients predicting its value will be $60k.
The JP Morgan asset report also quoted data predicting that crypto adoption will accelerate this year.
“We see likelihood for greater acceptance of cryptocurrency markets by mainstream investors and companies in 2022 with increasing relevance to financial markets,” the report noted, quoting chartered financial analyst Kenneth B. Worthington.
Bitcoin is currently trading at $41,753 having shed over 10 per cent of its value in the past seven days. In November, Bitcoin reached a new all time high above $69k.