JP Morgan Claims Ethereum Will Outperform ‘Overpriced’ Bitcoin in 2024
However, the institution believes the upcoming Proto-dank Ethereum upgrade may drive additional growth through 2024.
JP Morgan’s past criticisms of crypto raise some questions about the company’s objectivity on such matters.
Anticipation has swelled over the past few months about several major events in 2024 may kickstart Bitcoin – and the broader crypto market’s – next bull run. Leading speculation is the impending approval of a spot BTC ETF, alongside a predetermined halving of the Bitcoin block reward. However, financial giants JP Morgan Chase, aren’t convinced.
Halving and Spot ETF Already ‘Priced In’
According to the banking goliath, who has a whopping USD $2.5 trillion (AUD $3.73 trillion) assets under management, Bitcoin is already overbought and there is “excessive optimism” regarding a potential ETF approval.
Key analyst Nikolaos Panigirtzoglou released a report stating that:
“Bitcoin halving is largely priced in…[and its effect is] predictable and in our opinion…well-factored into the current Bitcoin price”.
The team is also trepidatious about the impact the spot ETF may have on Bitcoin’s value. The report argued that such funds are already approved in Canada and Europe, but have only received lukewarm interest from institutional investors.
Ethereum May Be Set to Outperform Bitcoin in 2024
While JP Morgan is mostly bearish on the crypto market’s prospects going forward, the outlook wasn’t all negative. The team believes that Ethereum may lead the way in the new year, pointing toward the proposed “Proto-Danksharding upgrade” as a significant improvement. They also made note of the recent swell in DeFi activity, singling out Aptos and Pulsechain and renewed interest in NFTs thanks largely to Bitcoin Ordinals.
JP MORGAN EXPECTS ETH TO OVERSHADOW BTC AFTER PUBLIC CRYPTO SHADE
Is JP Morgan’s CEO having a change of heart?
– JP Morgan analysts expect the forthcoming EIP-4844 upgrade or “Protodanksharding” to be immensely bullish for #Ethereum
– “Protodanksharding” is essentially a… https://t.co/RZGGTqvsWj pic.twitter.com/Q6d3gjOGTj
— BSCN (@BSCNews) December 15, 2023
It’s worth remembering that JP Morgan, while a powerhouse with significant influence over key financial markets, may be a little biased when discussing the crypto industry. Just a few days ago, CEO Jamie Dimon didn’t mince words in his opinion of the blockchain world:
“If I was the government, I would close [crypto] down. The true use case for it is criminals, drug traffickers, money laundering [and] tax avoidance”.
Naturally, Dimon failed to mention that JP Morgan Chase itself has been fined USD $35 billion (AUD $52.24 billion) for facilitating elicit and fraudulent activities.
The post JP Morgan Claims Ethereum Will Outperform ‘Overpriced’ Bitcoin in 2024 appeared first on Crypto News Australia.
Filed under: Bitcoin - @ December 15, 2023 3:55 am