US banking giant JPMorgan (NYSE:) does not appear to be impressed with Bitcoin’s bullish run as it believes that the fair value of the flagship cryptocurrency should be $35,000.

Bloomberg reported that JPMorgan believes the price of JPMorgan stock should have been 44% less than it is now at over $60,000.

The opinion was drawn by comparing the cryptocurrency’s volatility to that of gold. According to research, Bitcoin’s volatility is four times higher than that of the yellow metal. JPMorgan asserted that the high prices of the digital asset appear “unattractive” despite noting that more positives are likely to come.

Peter Thiel, an American billionaire and entrepreneur, spoke out on the matter. Thiel suggested that Bitcoin may be too expensive above $60,000 suggesting that the enormous value of Bitcoin could indicate that inflation is ongoing.

The banking giant is confident that top cryptos will surpass $100,000 in 2022, unless there’s a significant slump.

This challenge the notion that $100k and above is an acceptable price goal for bitcoin in 2022.

Just last month, the CEO of JPMorgan, Jamie Dimon, unsettled some nerves within the crypto sphere after referring to Bitcoin as “worthless.” The firm predicted a modest 15% increase for crypto in 2022 as it expects the space to continue progressing next year.

However, it advised investors to avoid volatile asset classes and to instead invest in the realty sector. It expects that both residential as well commercial property will appreciate in value because of increased economic growth.

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