Bitcoin and banks have a long history. Satoshi developed BTC to create an “electronic cash system” that does not require banks. No wonder that they have had a tense relationship with digital gold in the course of the rise of the Bitcoin price in the last decade. JP Morgan was also one of the greatest critics for a long time. But this point of view now seems to have loosened up somewhat.As can be seen from an analysis by JP Morgan, which is circulated on Twitter, the financial house currently sees the Bitcoin price at 25% as undervalued. We take that as an opportunity to take a closer look at the document and see how the JP Morgan to BTC ratio may have changed.
JP Morgan and the chance at the Bitcoin course
JP Morgan’s statements relate to an analysis dated May 22 and circulated on Twitter as shown below. In this document, research analyst Nikolaos Panigirtzoglou takes a close look at the Bitcoin price.
More specifically, he is examining Bitcoin mining to make a statement about the current Bitcoin price, which is currently between $ 9,100 and $ 9,200 at the time the document was released.According to the analysis, the Bitcoin price is currently “25% below the intrinsic price”, which, according to JP Morgan, should now be around $ 11,593 after halving, which has halved the profitability of the miners. This price and the conclusion of the undervaluation result from the mining costs per new BTC after the halving.