JP Morgan just went all in: "From Bitcoin is a fraud" to a $240 000 price target.
- IMLOVINGCRYPTO
- 4 minutes ago
- 3 min read
Eight years ago, Jamie Dimon stood on stage and called Bitcoin “a fraud” worse than tulip bulbs. He threatened to fire any employee caught trading it “in a second.”
Fast forward to November 2025: the same JP Morgan just slapped a $240,000 long-term price target on Bitcoin, launched JPM Coin on Ethereum’s Base layer-2, started accepting BTC and ETH as loan collateral, and filed with the SEC for leveraged structured notes tied to BlackRock’s IBIT ETF.
The surrender is complete. Wall Street’s biggest Bitcoin skeptic just became one of its loudest cheerleaders. The New Official Price Target: $240,000 In a client note published mid-November 2025, JP Morgan’s analysts declared that Bitcoin should no longer be valued around halving cycles. Instead, they now treat it as a macro asset as digital gold 2.0 in an era of currency debasement and de-dollarization. Key takeaways from the report:
Long-term fair value: $240,000
Near-term support: $94,000 (close to current mining breakeven costs)
Retail is fading (≈ $4 billion net outflows from spot BTC/ETH ETFs in November alone)
Institutional flows are taking over, making price action less erratic and more macro-driven
Structured Notes on BlackRock’s IBIT.
The Ultimate TradFi Embrace JP Morgan filed a prospectus in November for callable yield notes linked to BlackRock’s iShares Bitcoin Trust (IBIT).
Translation: conservative institutions can now get leveraged Bitcoin upside without ever touching a private key.
The product offers:
Up to 1.5× participation in BTC gains until 2028 (uncapped upside)
Early redemption trigger in 2026 with a minimum 16% return if IBIT is above a certain level
Downside buffer of 30% capital returned in full unless Bitcoin drops more than that
Full loss of principal if the drawdown exceeds the buffer
This is the exact type of wrapper that pension funds, insurers, and sovereign wealth funds have been waiting for.
JPM Coin Goes Live on Base, BTC & ETH Become Collateral November also saw the launch of JPM Coin on Coinbase’s Base network a 1:1 USD-backed institutional token that settles 24/7 and moves collateral on-chain instantly.
It’s not for retail; it’s the plumbing TradFi always said it needed. At the same time, JP Morgan quietly began accepting spot Bitcoin and Ether as collateral for loans (previously they only took ETF shares).
One of the largest prime brokerage desks on the planet now officially treats crypto as credit-worthy. Jamie Dimon’s Full 180 in an October 2025 interview, Dimon finally said the words the crypto community had been waiting a decade to hear: “I was wrong. Crypto is real. Every major bank is going to be using stablecoins we already are.
”What This Actually Means for the Market Mainstream adoption just hit warp speed. Structured products like these will funnel billions from “60/40” portfolios into Bitcoin exposure.
Bitcoin’s volatility profile is shifting from “risk-on tech stock” to “macro hedge” expect tighter correlation with gold, inflation breakeven rates, and real yields.
Hedging mechanics matter. Many of these structured notes come with delta-hedging that can amplify selling pressure during deep drawdowns.
The Bottom Line November 2025 will be remembered as the month Wall Street stopped fighting Bitcoin and started building the on-ramps. JP Morgan didn’t just flip they sprinted past most crypto-native firms in product sophistication.
A $240,000 price target from the bank that once called Bitcoin worthless isn’t hype anymore.It’s the new institutional baseline. HODL accordingly.
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