A majority of JPMorgan’s clients see bitcoin at around $60,000 by year-end, with just 5% expecting the cryptocurrency to hit $100,000

Bullish exuberance about bitcoin reaching the elusive $100,000 milestone was fever-pitch. JPMorgan released a poll on Monday that showed the coin ending the year at half of the amount. This shifts the sentiment.

As part of its macroeconomic outlook for the year, the investment bank conducted a survey of 47 clients from December 13 to January 7.

This resulted in 41% of clients seeing the world’s most valued cryptocurrency ending the year at $60,000, an increase of 46% over Monday’s price. Only 5% of clients expect bitcoin to reach $100,000 by the end of the year.

Bitcoin has had a rough ride thus far, as all cryptocurrencies have faced selling pressures following a Federal Reserve that was hawkish.

Bitcoin fell below $40,000 on Monday, before rebounding to above $41,000. Bitcoin is now down 11% from its November record high of $69,000 and around 40% below where it was at the beginning of the year.

Nonetheless, many, including El Salvador’s bitcoin-loving president Nayib Bukele are optimistic that bitcoin will surpass $100,000 by 2022.

JPMorgan November 2021 stated that bitcoin could rise to $146,000 over the long-term if it’s volatility abates and institutions begin to prefer it to gold in their portfolios. This is 256% more than the current price of bitcoin. According to the bank, a price of $73,000 seems reasonable for 2022.

According to the bank, Bitcoin’s volatility is four to five times greater than gold. This would need to drop dramatically before institutional investors can plow in.

However, a new member joined the $100,000 bandwagon this Year. Goldman Sachs stated that bitcoin could reach this level, but only if it keeps taking market share from gold.

Former SpaceX Intern Continues to Insist That Elon Musk Created Bitcoin

Sahil Gupta, a former SpaceX intern, continues to believe that Elon Musk the centibillionaire is Satoshi Nakamoto (the pseudonymous founder of Bitcoin).

Gupta stated that he now believes that Musk is behind Bitcoin in a recently published post on the popular blogging site Medium. Gupta’s conviction was strengthened by a call with Sam Teller (the former chief of staff for Musk), which he had in 2017.

Gupta had asked Teller if Musk was actually Satoshi. Teller replied in ambiguity, which made matters more confusing.

For 15 seconds, there was silence. Teller then said, “Well, what can you say?” It was not a paraphrase. Actual words.

Gupta also briefly worked at Tesla in 2018 and made headlines for his original post, which went viral in 2017.

Because of his extensive experience in economics and cryptography, he speculated that Musk could have written the Bitcoin whitepaper. This South African native was one of the co-founders PayPal.

Musk is proficient at the C++ programming language that Satoshi used for the original Bitcoin software.

2014 saw Satoshi make a brief internet return to discredit the Newsweek article that claimed Dorian S. Nakamoto, a Japanese-American man, was the Bitcoin creator. He simply stated that it wasn’t him. Musk tweeted about the incident a week following its reappearance at the P2P Foundation website.

@X4NWO Now that Satoshi Nakamoto is known, it seems like the case is closed.

– Elon Musk (@elonmusk). March 14, 2014

It is not necessary to convince the general public. An survey was conducted in May and found that more than half of Australians believe that Musk is Satoshi.

Musk denies creating Bitcoin

Musk claimed that he did not invent Bitcoin, but he did not deny it in a tweet in 2017 to respond to Gupta’s theory. However, this did nothing to end the speculation.

It’s not true. It was a gift from a friend that I received a portion of a BTC several years ago, but I have no idea where it is.

– Elon Musk (@elonmusk). November 28, 2017

Musk is a proponent of sustainable energy, so it is unlikely that he will create a cryptocurrency that consumes a lot of electricity but leaves a large CO2 footprint.

Tesla began accepting Bitcoin in March. However, it suspended payments in its largest cryptocurrency due to environmental concerns. This caused a huge price drop.

The centibillionaire, 50, has also repeatedly stated he prefers Dogecoin to Bitcoin for payments.

It is unlikely that Musk created Bitcoin, despite compelling arguments for the theory.

SEC delays decisions on Bitwise and grayscale’s Bitcoin ETFs

The United States Securities and Exchange Commission continues delay in making decisions about Bitcoin (BTC), exchange-traded funds. Two new deadline extensions notices have been issued.

The SEC delayed two major Bitcoin exchange-traded offerings proposals on Wednesday. These included NYSE Arca’s ‘actual’ Bitcoin ETF Trust named Bitwise Bitcoin ETP Trust and Grayscale Bitcoin Trust’s Bitcoin ETF.

Now, the SEC expects to make a decision on whether Bitwise’s BTC ETF or Grayscale’s BTC ETF will be approved or disapproved.

“The Commission considers it appropriate to give the Commission a longer time period to act on the proposed change to the rule, so it can have sufficient time to review the rule change and respond to any comments,” the SEC stated in both notices.

Bitwise Asset Management applied for a physical-backed Bitcoin ETF in October 2014. This was to give exposure to actual Bitcoin and not derivatives such as Bitcoin futures, or any other indirect exposure. In November, Bitwise Asset Management dropped its Bitcoin futures-based ETF application. Many of these products were being launched in the United States.

Grayscale, the largest Bitcoin fund in the world, has total assets under management of $45.6 billion. On Oct. 19, the company applied for an ETF to convert its flagship Bitcoin product.

This latest news is coming amid the SEC maintaining its strict stance on crypto ETFs. However, the SEC approved a variety of industry ETFs with indirect exposure to cryptocurrency. After delaying a June decision, the SEC rejected WisdomTree’s sport Bitcoin ETF in December.

VanEck’s physical Bitcoin ETF was rejected by the SEC in November. VanEck is one of the first companies to file for a Bitcoin ETF. However, the company decided to trade a Bitcoin futures ETF on the Chicago Board Options Exchange.

Bitcoin now processes more dollar value than PayPal

Twelve years after its inception, the Bitcoin network has already processed more dollars than PayPal, an American digital payment company. Experts believe that the network could surpass Mastercard, the giant credit card company, in dollar transactions value. This is impressive, but experts also think it could be even more powerful, by 2026.

According to a Blockdata report, the Bitcoin network generated approximately US$489 billion in quarterly transactions in 2021. This is more than Paypal’s US$302 trillion.

The report is titled “When might the Bitcoin network process volumes such as Mastercard and Visa?” The report stated that Bitcoin has processed about 27% of Mastercard’s US$1.8 Trillion per quarter and 15% of Visa’s US$3.2 Trillion every day after only 12 years of existence. It added that if Bitcoin could transfer 260% more value per transaction, it would process an equivalent amount to Mastercard daily.

The three main factors that could lead to Bitcoin reaching the same level as the credit card giants are the total number and average transaction amount, as well the increase in the price of Bitcoin.

However, the report could not find any data that would indicate an increase in the average Bitcoin transaction. Blockdata stated that while it is possible that this trend will change, an increase in Bitcoin’s price to US$245,000 at current volume would bring Bitcoin to equal Mastercard by 2026.

It is possible that Bitcoin’s average annual price could be as high as 2060 before it can match Mastercard’s. The report found that Bitcoin performed admirably for a network that was established just over a decade ago.

Bitcoin’s value has risen steadily over the years, compared to other cryptocurrencies on the market. Many experts believe that Bitcoin will soon surpass the US$100,000. However, it is uncertain when this could happen due to its volatile nature.

There are a growing number of companies in a variety of industries who are adopting cryptocurrencies. Customers can use them to pay for goods and services. PayPal, Mastercard, and Visa are just a few of the many.

Twitter CFO Says It’s Pointless to Invest in Bitcoin Right Now

In an interview, Twitter’s Chief Financial Officer (CFO), Ned Segal stated that crypto investing is ‘not a good idea right now’ because of extreme market volatility and industry accounting rules. Segal pointed out that Twitter would need to alter its investment policies in order to invest in crypto companies or related avenues. Currently, Segal’s current investment policies allow the company to only hold assets that are more stable, such as securities, on its balance sheet.

Segal, according to a Wall Street Journal report , points to a common concern over crypto’s volatility among finance heads at Tweet. He claims price swings are one of the main reasons that the company doesn’t use crypto to fund their corporate investments.

Numerous finance departments from multiple companies based in the US have raised the question of whether there should be specific accounting regulations or systems for cryptocurrency assets. The Financial Accounting Standards Board (FASB), a private standard-setting organization that creates and issues financial accounting standards within the US, has been approached by industry giants to establish the ground rules for how crypto assets should be treated.

Twitter’s CFO appears reluctant to invest in cryptocurrency, but Twitter CEO and cofounder Jack Dorsey enthusiastically embraces the world of digital assets. Dorsey’s first tweet, which was the first ever to be posted on Twitter, was converted into an FFT in March. These were sold through Valuables, a marketplace that was worth $2.9 million (roughly Rs. 21.5 crore) to Bridge Oracle CEO Sina Estavi. Dorsey is a self-proclaimed “Bitcoin maximalist” and has also experimented with NFTs.

Although Twitter is not investing directly in crypto, it announced that it had set up a Blockchain team headed by Tess Rinearson, a seasoned blockchain engineer to ‘explore how to incorporate decentralized technology into our products or infrastructure’. The team’s first priority will be to create decentralised apps (dApps), which allow creators to manage virtual currencies and virtual goods. It will also provide ways for fans to support the community. Rinearson suggested that her team would then look into crypto tech to enhance identity, community and ownership on Twitter.

Twitter introduced a way to tip creators using Bitcoin via Lightning network. They also suggested that they are experimenting with ways to verify non-financial transfers to be used as profile photos.