Key Takeaways
- JPMorgan is bringing its JPM Coin deposit token to Ethereum for institutional clients, Bloomberg reported.
- Commentator Borovik’s $60,000 ETH scenario has drawn criticism over its reliance on stablecoin transfer volumes.
- The forecast goes beyond bullish calls covered by CCN, including $10,000 ETH commentary backed by Tom Lee and Standard Chartered’s $40,000 outlook.
JPMorgan is bringing its JPM Coin deposit token to Ethereum for institutional clients, according to Bloomberg, extending a product initially launched on Base.
Its expansion into Ethereum has led some bulls to celebrate its institutional adoption story, as a $60,000 ETH prediction draws scrutiny of how much that growth could benefit token holders.
Leading the bulls is crypto commentator Borovik, who pointed to Ethereum’s role in stablecoin payments as a reason Ethereum could rise roughly 25-fold.
But critics argue his calculations leave a crucial question unanswered: how does money moving across Ethereum translate into a higher price for ETH?
JPMorgan Brings JPM Coin to ETH
JPMorgan’s deposit token represents dollar deposits at the bank, allowing eligible institutional customers to transfer money on blockchain infrastructure around the clock.
According to Bloomberg’s reporting, the Ethereum expansion announced on Oct. 19 targets large crypto businesses that make payments and financial institutions seeking digital cash to settle transactions.
Emma Landriault, global head of Kinexys Labs, told Bloomberg that ETH’s liquidity and its existing use among clients influenced the bank’s decision.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault said.
She added:
“It’s not just Wall Street going to public chains, but the institutional web3 players getting more embedded and partnering with traditional financial institutions.”
The move builds on JPM Coin’s rollout on Base, an Ethereum layer-2 network, last year.
It expands the bank’s public blockchain presence, although eligibility restrictions mean the token is not available to all Ethereum users.
Borovik’s $60,000 Ethereum Call Draws Pushback
In an Oct. 18 post on X, Borovik outlined a bullish scenario based on Ethereum’s position in the stablecoin market.
He cited more than $20 trillion in ETH stablecoin transfers over the 12 months through June 2026, attributing the figure to Fidelity, and put the network’s share of global stablecoin supply at approximately 48%.
He then applied that percentage to Citi’s projection of roughly $100 trillion in annual stablecoin transaction activity by 2030.
“If ETH captures 48% of flows: ~$48T/year,” Borovik wrote.
“I am so bullish!!”
In a follow-up, he described the $60,000 scenario as “a 25x from current prices.”
Citi’s research projects nearly $100 trillion in annual stablecoin activity under its base case.
However, that estimate depends on several assumptions, including stablecoin issuance and the frequency with which tokens change hands.
Responses to Borovik’s post challenged the connection between those payment flows and ETH’s valuation.
“Transfer volume isn’t the same as value accruing to ETH, though,” wrote one user.
Another user, going by SlopMachine, offered a sharper analogy:
“Valuing the toll booth by adding up the cash inside passing armored trucks.”
Where the $60,000 Math Falls Short
The calculation yields a potential transfer volume figure, but it does not establish a $60,000 token price.
First, Ethereum hosting 48% of the stablecoin supply would not necessarily mean it processes 48% of transfers.
Tokens on different networks can move at different speeds and frequencies.
Second, transfer volume measures the amount of money changing hands.
The same dollars can be transferred repeatedly, increasing the annual total without a corresponding increase in invested capital.
Third, ETH’s transaction fees depend on computational work and demand for network capacity, rather than a fixed percentage of the dollars being moved.
Fees are paid in ETH, and the base-fee component is burned, but a larger payment does not automatically generate a proportionately larger fee.
Supporters nevertheless argue that fees capture only part of Ethereum’s potential value.
“ETH’s upside isn’t just about fees,” wrote Dwayne Bennett.
“If trillions in assets rely on Ethereum, security, staking and collateral demand could give ETH a major monetary premium.”
He added:
“Adoption strengthens the case for price appreciation. How much is the question.”
Other Bullish Ethereum Predictions: $10,000 to $40,000
Borovik’s forecast joins several bullish calls on Ethereum, although their timelines and arguments differ.
As CCN reported on Oct. 5, Fundstrat co-founder Tom Lee backed a post predicting ETH would reach $10,000, arguing that investors waiting for another decline risked missing the move.
That optimism has also faced questions about future demand for buying.
Further out, Standard Chartered’s forecast, covered by CCN earlier this year, put Ethereum at $10,000 by the end of 2027 and $40,000 by 2030.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
