True to form, JPMorgan strategists have been warning investors off Bitcoin, despite the current bull-market. According to a recent investor note, Bitcoin has surged ahead of its ‘intrinsic value’, mirroring 2017’s boom, before 2018’s slump.
Naturally JPMorgan Wants To Rain On Bitcoin’s Parade
Bitcoin price 00 has undergone a heroic charge since the beginning of April, signalling the end of the nearly 18-month crypto-winter. However, the BTC-phobic strategists of JPMorgan, will always find some reason to dissuade any interested customers from buying.
For JPMorgan, cryptocurrency price gains mean only one thing – the overpricing of assets. In order to give the FUD an air of science, they are even able to put a figure on it – the ‘intrinsic price.’ Which, according to JPMorgan, derives from treating Bitcoin as a commodity and calculating its ‘cost of production.’
According to the strategists:
Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and…