JPMorgan experts estimate that bitcoin has significantly surpassed its "internal value»

JPMorgan Bank says that the market value of bitcoin is currently higher than the domestic one. JPMorgan researchers came to this conclusion, considering bitcoin as a commodity and considering the cost of mining one coin. The calculations took into account factors such as computing power and energy efficiency of equipment, as well as electricity costs.

The Bank notes that over the past few days, the sale price of bitcoin has increased sharply compared to its marginal cost, which is also largely similar to the situation during the 2017 rally.

JPMorgan strategists say that determining the intrinsic value of cryptocurrencies is a difficult task. Some researchers believe that cryptocurrencies have no fundamental value, while others believe that the intrinsic value is much higher than the selling price.

Earlier, JPMorgan analysts also cited data that in the fourth quarter of 2018 the internal cost of bitcoin was about $2400, and such data were then obtained taking into account the cost of a cheap Chinese miner.

Over the past few weeks, the bitcoin price has been going up, experiencing some correction. The price of the main cryptocurrency has already increased by more than 100% since the beginning of the year, and at the time of preparation of this post, bitcoin was trading at $ 7751 (-2.2%), while at least at the end of 2018 it was about $3200.

Head of JPMorgan Jamie Dimon in 2017 called bitcoin "fraud" and even threatened to fire the Bank's employees who will deal with cryptocurrencies. Such attacks on crypto on the part of the Daimon was repeated.

However, the overall position of JPMorgan in respect of digital currency has changed and the Bank has even developed its own stablon called JPM Coin to perform instant calculations with banks-partners with the use of blockchain technology.