The crypto market looks good today with the coins trading in the green. Bitcoin is also trading in the green and at the moment of writing this article, the king coin is priced at $9,564.79.

After a few years of being really bearish about BTC, the largest bank in the US is now changing its sentiment about the world’s leading crypto.

The latest BTC analysis from JPMorgan is circulating on Twitter, and it’s dated May 22nd.

Bitcoin is 25% below its intrinsic value

The report from the research analyst Nikolaos Panigirtzoglou is looking at the intrinsic value of Bitcoin – it’s treating it as a commodity and basing the price on the marginal cost of producing BTC, according to the latest reports coming from the online publication the Daily Hodl.

According to the report, Bitcoin is trading “25% below what the intrinsic price would be” following the halving event, which reduced block rewards from 12.5 BTC to 6.25 BTC. The Bitcoin halving took place on May 11.

Based on Bitcoin’s price when the report was published, JPMorgan placed BTC’s intrinsic value at $11,593.

Just to refresh your memory, JPMorgan has been historically bearish on the king coin, and back in 2019, analysts at the bank said that BTC topped its intrinsic value after the price managed to rise above marginal cost.

Earlier this year, analysts at JPMorgan said that BTC had downside risks, according to Bloomberg.

You should check out Bloomberg’s complete notes.

Bitcoin turnaround is close

The other day, we were reporting that Bitcoin’s turnaround is near – Reddit co-founder Alexis Ohanian who invested in Coinbase back in 2012 said that the crypto industry is now about to enter a golden era of development.

He said that that the amount of work happening behind the scenes is suggesting that the crypto and blockchain tech have a really bright future ahead.

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