JPMorgan calls Bitcoin “defeated trade.” This means you’re probably not bullish enough. The world’s largest investment banks do not underestimate the nicknames of speculative assets. However, Bitcoin has culminated block resilience for 17 years after unstoppable blocks. Wall Street finally admitted that Cypherpunks has known for a long time. Like it or not, a moment of careful optimism has passed.
JPMorgan and “Dependency Trade”
Wall Street is notorious for its doublespeak, but JPMorgan’s latest Missive has come to an astonishingly close to the core. By framing Bitcoin as a “debasement transaction,” they explicitly communicate it to their clients. Stimulus checks, trillion dollar deficits, rate cuts to sustained inflation are the norm, cash or bonds are the game of mugs. In the words of Marty Bent, founder of TFTC:
“You’re not bullish enough.”
It’s not about speculation anymore. It’s about defense. As the dollar’s purchasing power slowly and constantly falls, I feel that Bitcoin’s capped supply and unreliable designs are tailored to this era.
With central banks carrying out fiscal acrobatics and the US government is holding a deficit north of $2 trillion each year, “asset protection” is synonymous with digital rarity, not blue chip dividends.
If clients of JPMorgan’s institutions are loaded into Bitcoin, that’s because they see what comes.
“You grow yourself out of that debt.”
President Trump’s recent remarks have stated that America will “grow (itself) out of its debt.” Optimism is part of a political job statement, but growth alone does not become a hole in the signs of overnight. Stimulus checks fly in each crisis, rates cut support markets, inflation boils down, and all solutions appear to pose two new problems.
Under this financial pageantry, Bitcoin explodes quietly. All monetary stimulus, all debt fuel expenditures presence, all governments suspending key employment data, all governments are a tailwind for Bitcoin.
As Eco-Inometrics observes, Q4 has historically been bullish for Bitcoin. Institutions that frontrunn round-year portfolio rebalance, yield search bonus checks, and latest rate reductions or stimulus announcements.
Last year’s EFT flow helped to move prices from $60,000 to over $100,000. If the flow recovers once more, you can look up $135,000 per coin by this time next month.
That’s not all. Don’t forget to make an analyst’s year-end forecast. Citigroup predicted a BTC of $133,000, JPMorgan went at $165,000, saying Bitcoin is lower in price compared to gold, while standard Chartered estimated a whopping $200,000. As Bitwise CIO Matt Hougan said:
“Q4 will be fun.”
Where macros meet momentum
Bitcoin is more than just a transaction. It rapidly solidifies itself as a “Dependency Hedge.” Assets with the most asymmetric risk reward profile in a market that is obsessed with liquidity.
Last year, the ETF rush gave Bitcoin the most powerful near-quarterly shutdown, far surpassing the psychological $100,000 barrier. All signs point to US deficit spending, among other things, and another round (or two) of Fed rate cuts scheduled for 2025, but Bitcoin supply has not been touched by 21 million people.
Let’s publish this. You’re not bullish enough, and the evidence supports it. For almost 17 years, Bitcoin has proven to be more resilient, more predictable and, frankly, more reliable than the institutions where the logo once served as an ad-word for economic security.
When JPMorgan treats Bitcoin as a core defensive play, it’s not just a bet on technology. It’s a gamble on the old order.
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