Bitcoin (BTC) may surge to $240,000 in the long term, according to a new JPMorgan report that analyzes how the crypto market is changing.

The forecast comes after a volatile period for digital assets. Bitcoin dropped from its early October high of $126,000 to nearly $82,000 in November.
At the moment, BTC has stabilized around $86,610.

Crypto Now Moving Like a Macro Asset: JPMorgan

In the latest note, JPMorgan analysts said the crypto market is now driven more by global economic trends than Bitcoin’s traditional four-year halving cycle, which earlier triggered major bull runs.

According to the bank:

“Crypto is shifting from a venture-style market to a standard macro asset class supported by institutional liquidity.”

The report highlights that:

• Early crypto projects depended on huge private funding rounds.

• Retail investors often entered late at expensive prices.

• Retail activity has now fallen, while institutional investors add more liquidity and stability.

JPMorgan believes this deeper institutional support could help anchor Bitcoin’s long-term value.

A speaker at the bank’s event even suggested BTC could reach $240,000 in the coming years, calling Bitcoin a multi-year growth asset instead of a short-cycle investment.

Markets Still ‘Liquid but Inefficient’

Despite the shift, JPMorgan noted that crypto still remains:

• Highly liquid

• Structurally inefficient

This means big price swings can still happen when liquidity gaps appear.

JPMorgan Launches New Bitcoin-Linked Structured Note

The bank has also introduced a new investment product tied to BlackRock’s iShares Bitcoin Trust ETF (IBIT).

How the Structured Note Works

• If IBIT hits or passes a preset target by end of 2026,
  JPMorgan redeems the note early with a minimum 16% return.

• If IBIT stays below the target,
  the note extends to 2028, offering 1.5x leveraged gains with no upper limit if IBIT rises above the 2028 target.

• Investors receive downside protection unless IBIT drops more than 30% in 2028.

JPMorgan warned that the product does not guarantee principal, and under certain market conditions, investors could lose all their money.

MSCI Delisting Concerns Shake Crypto Stocks

JPMorgan also drew attention this week after a note discussed the possibility of MSCI removing companies that hold over 50% of their balance sheet in crypto.

One major company that could be affected is MicroStrategy (NASDAQ: MSTR) — now called Strategy — which owns 649,870 BTC.

The note estimated:

• Possible $2.8 billion in outflows if MSCI removes the company

• Up to $8.8 billion in outflows if other indexes follow

This triggered a wave of criticism online.

Controversy Over Strike CEO’s Bank Account Closure

The situation escalated when Strike CEO Jack Mallers claimed JPMorgan closed his accounts in September, citing “concerning activity” and Bank Secrecy Act requirements.

Mallers accused the bank of targeting crypto users, which sparked outrage across the Bitcoin community.
Several supporters called for a boycott of JPMorgan on social media.