JP Morgan's cost projections are based upon the assumption that inflation will be short term. Eliminating both the need and demand for inflation protected assets like bitcoin.

If their assumptions on inflation being short term turn out to be incorrect however. Their cost assessment of bitcoin, will be thrown into doubt.

Future cost projections always stand or fall upon the foundation of assumptions upon which they are based. Inflation being short or long term, factors heavily into what bitcoin's market value should be.