JPMorgan Shared New Bitcoin Analysis After Tesla

JPMorgan shared its new Bitcoin analysis after Tesla. The institution previously announced that the long-term target in Bitcoin is 146 thousand dollars.

Tesla, the electric vehicle manufacturer, invested $ 1.5 billion in Bitcoin in the past days, had a great impact in the global markets. With the effects of this echo still going on, JPMorgan also shared their new Bitcoin analysis. Noting that the long-term targets in Bitcoin, the leading cryptocurrency, were 146 thousand dollars, JPMorgan strategists analyzed the inclusion of Bitcoin in the company's balance sheets after the Tesla investment in their new notes. Strategists, including Nikolaos Panigirtzoglou, stated that companies other than Tesla should not be expected "to follow Tesla's decision to add Bitcoin to its balance sheet." Stating that the main variable for companies to make a decision similar to the decision taken by Tesla will be Bitcoin's volatility, JPMorgan strategists made the following statements in their note: "Institutional portfolios typically include bank deposits, money market funds, and short-term bonds. This means annual volatility of around 1 percent. 1 percent Bitcoin in portfolio can be a source of serious volatility.” In addition, JPMorgan strategists also commented on price movements after Tesla's investment decision. In this context, it was noted that the rally triggered by Tesla in Bitcoin will depend on less speculative institutional inflows. After Tesla's investment of $ 1.5 billion in Bitcoin, Bitcoin (BTC) broke a new record by exceeding the level of 48 thousand dollars.       Source: Bloomberg HT