Anthony Pompliano Slams JP Morgan For Calling Bitcoin (BTC) A Scam And Then Reporting About Its “Intrinsic Value”
Bitcoin made the crypto community more than excited this year when the crypto embraced the bulls once again.
After a bearish 2018 which saw the price of the most important coin in the crypto market drop by about 85%, in April the bulls came back, and the price of BTC was eventually boosted by 100%.
More crypto experts are waiting for it to surge even more and some say that it will soon hit $10k. It is said that after BTC hits the $10k psychological level, the FOMO will spread to the mainstream.
JP Morgan addresses BTC’s intrinsic value
We recently reported that despite the fact that a lot of crypto experts believe that this surge comes during strong fundamental developments but there’s now a Wall Street company that doesn’t believe that this is the case.
NewsBTC reported not too long ago that, in a recent research note from JP Morgan, obtained by Holger Zschaepitz, a German economist and author, it was explained that BTC is currently trading above its “intrinsic value.”
The note is suggesting that BTC’s intrinsic value is the estimated cost of production per unit or mining costs.
Anyway, Anthony Pompliano is not here at all for JP Morgan’s judgments about Bitcoin since its CEO once called BTC “a scam with no value”.
He posted this on Twitter.
JP Morgan is now putting out reports about “Bitcoin’s intrinsic value.”
Thought it was worthless and had no value according to Jamie Dimon??
Never listen to what a bank says.
Watch what they do.
— Pomp 🌪 (@APompliano) May 20, 2019
Pompliano made it clearer and continued: “Literally says Bitcoin is overpriced right now.”
A Twitter user said: “The thing @JPMorgan may not be factoring is that since all fiat, gold and cryptocurrency has value ONLY because we agree it does, that means what the financial system really is, is a fear-integrated popularity contest. Whatever the masses decide has value, has value. Case closed!”
Stronger fundamentals in 2019 compared to 2017
Investinblockchain also slams the assumption that BTC is trading too far above its intrinsic value is not correct.
They bring up Dan Held, the co-founder of Interchange, who has recently pointed out the fact that the ecosystem’s fundamentals and infrastructure are now extremely powerful compared to 2017.
At the moment, BTC is trading in the green on CoinMarketCap, and it’s about to hit $8,000.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.