The Houston Texans – a professional American football team – have entered into an exclusive partnership with the Houston-based cryptocurrency company, BitWallet. The partnership will allow the team to begin accepting crypto as payment for single-game NFL suites. Effective immediately, BitWallet will act as an intermediary for crypto payments to the Texans. This allows digital assets to immediately be converted into U.S. dollars. The first to purchase a suite using digital currency was EWR Digital, a digital marketing agency. "We…
Perhaps unsurprisingly, the traditional finance world doesn’t appear nearly as bullish on Bitcoin as the crypto community.
According to a poll from JP Morgan, only 5% of their clients envision the asset reaching $100 000 by the end of the year. That said, most expect it to recover from its current slump and grow at least 50% within 12 months.
Wall Street’s Bitcoin Bets
As reported by BNN Bloomberg, JP Morgan’s survey results show a healthy mix of bears and bulls. While 23% of investors see Bitcoin falling further to $20 000, about 41% – a plurality – predict a $60k price by the year’s end. Moreover, Bitcoin topped within the sixty-thousand dollar range twice in 2021 but met months-long price declines following both.
Another 9% of respondents expect an $80 000 Bitcoin by December, with merely 5% predicting a six-figure value. This stands in stark contrast to predictions from crypto community figureheads like Max Keiser, who expects $220k per coin in the same timeframe.
“I’m not surprised by Bitcoin bearishness,” said JP Morgan strategist Nikolaos Panigirtzoglou. “Our Bitcoin-position indicator based on Bitcoin futures looks oversold.”
The US Bitcoin Futures ETF debuted in October has proven a bottom ten performer on the first two-month returns. Meanwhile, market sentiment has been in the gutter, with the Bitcoin fear and greed index as low as 15 on Thursday.
On the other hand, only 2% of survey respondents expect Bitcoin to collapse below $10 000 – a range it hasn’t approached since early 2020.
Though most still consider Bitcoin ‘volatile’, doom-mongering speculation about it collapsing to zero has fallen out of favour. According to Bitcoin Obituaries, the number of prominent voices expressing such opinions has declined substantially since 2017.
In October, JP Morgan revealed data showing that investors prefer Bitcoin over gold. While gold’s long-term price has stagnated, Goldman Sachs determined that Bitcoin outperformed all capital markets last year.
Short Term Expectations?
Days ago, Galaxy Investments CEO Mike Novogratz predicted a rebound for Bitcoin once it entered the $40-38k dollar range. He said that he knows many institutions eyeing the content as an excellent buy opportunity.
The asset briefly dipped below $40k yesterday and indeed saw a quick rebound. It now trades for over $42 500.