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Banking behemoth JP Morgan Chase & Co. has taken another shot at Bitcoin, claiming the cryptocurrency‘s latest rally has pushed its price beyond its “intrinsic value.” “Over the past few days, the actual price has moved sharply over marginal cost,” JPMorgan analysts wrote in a note obtained by Bloomberg. “This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.” To come to this conclusion, the JP Morgan team treated Bitcoin as a commodity, calculating its “cost of production”…
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