The latest report published by JPMorgan emphasized that Bitcoin is currently trading below its intrinsic value. The banking giant has set the real price of the largest cryptocurrency at $ 11 thousand 593.
Bitcoin is below its value, according to the report of the analyst named Nikolaos Panigirtzoglou from JP Morgan, dated May 22. The report says that the largest cryptocurrency with market value is trading 25 percent below the price that should have been after halving.
As it is known, block rewards decreased from 12.5 to 6.25 in halving. When the report was published, JP Morgan set the real price of Bitcoin as $ 11,593.
JP Morgan is known to have viewed Bitcoin negatively in the past for a long time. Last year, analysts at the investment bank said that Bitcoin exceeded its real value after the price exceeded the marginal cost. Earlier this year, bank analysts stated that Bitcoin poses several risks.
In September 2017, CEO Jamie Dimon stated that if anyone sees or hears Bitcoin, he will fire those people. Dimon said it was because Bitcoin was stupid and against company rules.
JPMorgan’s new report and its apparent change in Bitcoin sensitivity comes after the bank accepted the cryptocurrency exchange Coinbase and Gemini as customers and put an end to the anti-crypto era.
Finally, it was revealed that JPMorgan was negotiating with ConsenSys, which developed Ethereum applications in the past months, to combine its own blockchain unit Quorum.