JPMorgan Sees More Crypto Adoption in 2022, Debates Bitcoin’s Status as Store of Value

The investment bank also continues to rate crypto exchange Coinbase as a buy.

AccessTimeIconJan 7, 2022 at 6:48 p.m. UTC
Updated May 11, 2023 at 5:50 p.m. UTC

The cryptocurrency markets and industry are set for greater acceptance from mainstream investors and companies this year, JPMorgan equity research analyst Kenneth Worthington wrote in a note to clients Friday.

JPMorgan sees 2022 having potential to be “the year of the blockchain bridge (driving greater interoperability of various chains) or the year of financial tokenization.”

Regarding bitcoin, JPMorgan says it’s “particularly well-designed as a modern store of value, and the strong design has contributed to the increased confidence in and value of Bitcoin.” However, bitcoin still comes up short against other stores of value, including gold, given its limited history, according to Worthington.

Additionally, bitcoin’s heightened volatility likely won’t make it a good currency since that “could undermine crypto as a medium of exchange, as a unit of account and as a standard for deferred payments, the other recognized functions of money.” Volatility concerns have not stopped bitcoin from rising in value, however, he added.

Meanwhile, cryptocurrency exchange Coinbase is “still a buy” for investors, as the company is a beneficiary of the growth across the crypto industry, Worthington wrote.

Earlier this week, Goldman Sachs told clients that “hypothetically, if bitcoin’s share of the ‘store of value’ market were to rise to 50% over the next five years (with no growth in overall demand for stores of value), its price would increase to just over $100,000, for a compound annualized return of 17-18% (accounting for growth in bitcoin supply over time).”


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.