In the last few months, Bitcoin has risen from $ 3000-$ 8000 currently. Many of the users think that now the bear market is over. It has almost tripled in just a handful of months. Due to this very reason, the traders, as well as investors, are pretty bullish on Bitcoin. However, most of the banks and brokerages are still scratching their heads when it comes to Bitcoin. They do not know whether it will reduce down to 0 or whether it can rise exponentially from these levels as well. Amidst this confusion, JP Morgan has come out with a report that Bitcoin might be overvalued even at the current levels.
Is it possible to measure the intrinsic value of Bitcoin?
The second question which many are asking is whether it is really possible to measure the intrinsic value of Bitcoin. Bitcoin is a decentralized cryptocurrency. You can measure the mining cost of Bitcoin. However, hardly anyone can come up with the exact figure regarding the intrinsic value of Bitcoin.
Many are viewing it as just another attempt to discredit Bitcoin. Only time will tell whether this actually impacts the price of Bitcoin or not. For now, however, most of the users are discounting that report as not being accurate. Due to this very reason, there is not much impact on Bitcoin after this report came out.
One interesting thing, however happening is that most of the brokerage houses and banks are not able to ignore Bitcoin any longer. Neither, they are putting out any negative statements like Bitcoin will reduce down to 0. It clearly indicates that something is changing for Bitcoin.