JPMorgan Models Bitcoin Reaching $385,000 in Bull Case Despite Dimon Criticism

JPMorgan Chase has published a research note modeling a potential bull case for Bitcoin reaching $385,000 over the next decade — even as CEO Jamie Dimon has maintained his long-standing criticism of the cryptocurrency.

The analysis, prepared by JPMorgan's markets research team, examines a scenario in which Bitcoin captures a significant share of global store-of-value assets, competing with gold and government bonds. Under the most optimistic assumptions, the model shows Bitcoin appreciating roughly 10-fold from current levels around $38,000.

"We're not saying this is our forecast. We're saying this is what the math looks like if you make certain assumptions about Bitcoin's role as a store of value," a JPMorgan strategist told clients in the note, which was first reported this week.

The report comes amid a broader institutional shift in how Wall Street views digital assets. While Dimon has famously called Bitcoin a "fraud" and a "pet rock," JPMorgan has steadily expanded its crypto-related services, including blockchain-based payment systems and digital asset custody for institutional clients.

The $385,000 scenario assumes Bitcoin captures roughly 15% of the global store-of-value market currently dominated by gold, which has a total addressable market estimated at $12 trillion. It also assumes declining volatility and increasing regulatory clarity over the next decade.

Critics have pointed out that the bull case relies on Bitcoin's volatility declining to levels closer to gold's — a development that has not materialized despite the asset's 15-year trading history.

Reporting by CryptoSlate. Read the original report: JPMorgan models Bitcoin reaching $385,000 in 10-year bull case despite CEO Jamie Dimon's criticism.