JPMorgan Turns to Crypto: Long-Term Price Target Set at $266,000

JPMorgan Chase, the largest bank in the United States by total assets, has undergone a significant shift in its stance on Bitcoin. In contrast to its previous criticism under CEO Jamie Dimon, JPMorgan now allows clients to purchase Bitcoin directly and formally accepts iShares Bitcoin Trust (IBIT) shares as loan collateral.

The bank's analysts expect institutional investors to drive the next wave of crypto market growth, not retail traders or corporate treasury buyers. They track Bitcoin's mining production cost as a soft price floor, which has fallen from approximately $94,000 to $77,000 in early 2026.

JPMorgan's long-term Bitcoin price target is $266,000, derived from a gold-parity model that accounts for Bitcoin's lower volatility relative to gold. The analysts consider this an unlikely short-term forecast and note that reaching the $266,000 target would require institutional sentiment to reverse.