The recent slide of the digital token has left it well below its fair price, giving it a significant upside, according to a research note.
The price target for the coin was put at $38,000 by the bank, which said that it was overvalued by 28%. Just as stock markets have been battered by inflation fears, so has the price of the digital currency.
The past month has seen a correction in the market, but we see upside in the market going forward.
Jamie Dimon is a long-time critic ofcryptocurrencies. Though he has acknowledged that many of his clients feel differently, Dimon has said that he personally thinks that it is worthless.
I'm not a fan of the virtual currency. I don't care about it. He said last year that he had no interest in it.
Wealth management clients were given access to six funds to add exposure to their portfolios. That's despite the fact that Dimon said that regulators are going to regulate the hell out of it.
Hester Peirce, the Securities and Exchange Commissioner, told CNBC that the U.S. has dropped the regulatory ball with respect to cryptocurrencies. She called on Congress to clarify the SEC's regulatory role so that they can take more proactive steps against fraud.
There are long-term consequences of not allowing innovation to happen in a healthy way.
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