JP Morgan believes Bitcoin is Overpriced

[Maslate]

The FUD spreader, why would we believe in this guy?

If he thinks bitcoin is overpriced and we don't believe in him, it should not affect our decision to invest.
Maybe overpriced in a short period of time due to hype that would result in a pump of price, but in general, it's now because it's based on demand and as we read in the news, more institutional adoption is happening, even a country adopted in bitcoin, so the price is justified right.

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[Vaskiy]

JPM CEO is a known bitcoin hater. So no wonder that his bank will come out with such ridiculous statements. If we had to believe Jemie few years back, bitcoin wouldn't have reached this point.

So the best course of action we can do is to ignore such jokers who were born to criticize everything new. JPM handles trillions of dollars remittance every year and earn fat commissions from it. With bitcoin, you don't need anyone to settle your remittance which is challenging JPM's dominance. So it's no wonder, they are trying to deframe bitcoin.

I believe they're getting interested on bitcoin, or else the JP Morgan team won't take bitcoin into consideration and reveal analytics. I think they believe on the market to be manipulative by popular people. To negative news bitcoin used to react immediately and turn bearish in the past. Now things have changed as people are mature to know better and doesn't get panic. This is the very beginning and soon JP Morgan can have his company holdings in bitcoin.

[franky1]

doing the math of mining cost where absolutely no one on planet can mine below the most efficient cost..
this value does work out as $35k .

this bottom line value number is not an indicator of what the PRICE should be. its more of an indicator of what everyone would refuse to sell below.. much like retailers have a retail price. but they also have a supplier cost. and would never sell below their cost of getting the goods

the $35k i dont see as a thing the price should be. but an indication that the $61k price is near 2x value

however there are other things you can learn from calculating mining costs.
in denmark its actually costs $72k to mine bitcoin right now. meaning they are not mining. but instead BUYING
meaning there is some demand of buying bitcoin above $61k
germany is at $79k. meaning if they mined they are losing money. but they are getting a great deal buying at $61k far below their mining cost.(like denmark)

however there is NO country on the planet with a mining cost of $100k. so there is absolutely no reason for anyone to buy coin at $100k because every country on the planet can mine bitcoin for less than $80k

learning about this $35k->$80k window gives people an idea of the region of calculated buying/selling power

and if anyone wants to know. to get a complete bottom line value where the price will never tip below due to mining cost

hashrate needs to be 445exa to keep a stable price above $100k
hashrate needs to be 230exa just to have a possibility of peaking(temp) to $100k due to calculated buy/sell power

[Wawa2013]

JPM CEO is a known bitcoin hater. So no wonder that his bank will come out with such ridiculous statements. If we had to believe Jemie few years back, bitcoin wouldn't have reached this point.

So the best course of action we can do is to ignore such jokers who were born to criticize everything new. JPM handles trillions of dollars remittance every year and earn fat commissions from it. With bitcoin, you don't need anyone to settle your remittance which is challenging JPM's dominance. So it's no wonder, they are trying to deframe bitcoin.

I believe they're getting interested on bitcoin, or else the JP Morgan team won't take bitcoin into consideration and reveal analytics. I think they believe on the market to be manipulative by popular people. To negative news bitcoin used to react immediately and turn bearish in the past. Now things have changed as people are mature to know better and doesn't get panic. This is the very beginning and soon JP Morgan can have his company holdings in bitcoin.

I also think that JP Morgan might be interested in investing in Bitcoin, because they must have been paying attention to the movement of Bitcoin
all this time. Moreover, JP Morgan has a team that is smart in terms of analyzing the market, and JP Morgan knows that spreading FUD can make
Bitcoin prices fall. And when Bitcoin fall they will buy Bitcoin at a cheap price, such a strategy is indeed carried out by large capital owners.
Unfortunately investors are now getting smarter, many old investors have learned from the mistakes that occurred in 2017. So with a lot of
FUD circulating, I'm also sure that not many people will panic, maybe those who are affected are newbie and inexperienced investors. Therefore,
when China spread FUD by saying China banned crypto, the price only fell briefly, then not long after the price went up again. Likewise, the FUD
that JP Morgan spreads will not greatly affect the price of Bitcoin.

[NeuroticFish]

Update   The JP Morgan analysts have changed their minds. The new target is 146k  
JPMorgan renews prediction that bitcoin could hit $146,000 - and says it's acting more like digital gold than ever

The US's biggest bank has renewed its prediction that bitcoin could surge to $146,000 in the long term, if volatility subsides and institutions start preferring it to gold in their portfolios. That's roughly 130% above Wednesday's price of $63,160.

Since there's nothing to compare it with, Bitcoin price can actually go anywhere. It's fun to see them hype it though  

OP, your "100k is overpriced" story no longer stands. I advise you add an update to the first post and then lock the topic.

[batang_bitcoin]

JP Morgan analysts say bitcoin's most probable price outcome is to never hit 100k as it is terribly overpriced.  JPMorgan Chase & Co. strategists recently released a report where they mention that Bitcoins's price is overpriced and for it to hit the 100k mark it would need to have volatility decreased. They point out that Bitcoin is now being traded above 60k but the true price for Bitcoin should be $35k.

What do you guys think about this?

He's at it again, we should stop giving this guy any attention that he needs. He's taking the fame extremely into his favor by these media giving him the attention that he wants. He's a known guy that plays good and bad to the market, today he'll say that and then tomorrow, he'll say something positive. It's too overpriced as he said because he wants people to sell and start panicking so that he'll start picking those bitcoin in pieces at the cheapest possible price that it can with such move he create.

[so98nn]

JP Morgan can come to me later this year and buy some bitcoins, I will help him get it at cheaper rates.

Seriously, what the heck overpriced is? Do you know when something becomes overpriced then peeps start to look the other way and find another investment. Have you ever seen someone stating that Tata Group shares are overpriced? Or do you see someone stating that oil shares are overpriced. Oh dam, everyone is actually happy when the prices go off the chart. Because everyone wanna make the profits!

JP is just missing the train and he needs to fill his bag anyways. He thinks he can impact the market like the way Elon musk does. His living in his dreams. Lolz

[JohnBitCo]

Everyone believes that BTC is overpriced, yet people kept on buying and purchasing it as an investment mechanism. The problem with investment firms such as JP Morgan, they have an underlying conflict of interest with BTC that makes them oppose to such view. Remember that these firms have one thing in common- to earn money. Anything that hinders their growth will create this sort of statements against such.

To be honest, the value of BTC is derived from the law of supply and demand. Since people are willing to acquire BTC at such price, it is obvious that its price would increase.

Those who think bitcoin is over-priced does not have complete knowledge about the bitcoin. Other then supply/demand the fundamentals of bitcoin is too strong and limited supply make this a very valuable currency. I think the prices for bitcoin like 50,000 or 60,000 are low - priced as in coming days we will not get the opportunity to buy bitcoin under 100,000$.

[davis196]

Every JP Morgan analysis about Bitcoin is basically a joke.I don't want to bother analyzing this "analysis".
What do they mean,by saying that the Bitcoin price could reach 73K USD,if the volatility of Bitcoin drops?
Can the price volatility of Bitcoin be lowered by something or someone?I don't think so.
The price volatility is what makes Bitcoin so "sexy" for the risk loving speculative investors.
Turning Bitcoin into a stablecoin would kill all the advantages of Bitcoin and make it as boring and useless as a "financial junk".

[hd49728]

JP Morgan has been releasing such kinds of statements for the longest time, that I don't think it's still relevant whatever their comments are on bitcoin or cryptocurrency in general.

They do know what they did and what they are doing. Their statement is to FUD the market. We don't know what they did behind the scene. 4 years and they changed from a fraud accusation to accept Bitcoin. Months later they return to FUD Bitcoin again. They are dishonest with what they are doing and what they think.

At this point, I believe they are just subtly persuading people to invest on bank-controlled assets and not on bitcoin which they cannot and will not touch.

They can do this because of themselves or they do this because of pressure from government. We don't know this but fact is why Bitcoiners have to care of governments. We can have our own banks with Bitcoin.

If JP Morgan did it because of governmental pressure, they are not real bitcoin maximalist.

[galambo]

They have a conflict of interest to begin with, even if their estimations are in good faith, which I doubt. They're suggesting that groups invest in real estate or hedge funds oppose to crypto which is awfully convenient for them, considering investment consulting groups aren't really needed to invest in crypto to any significant degree - you purchase and hold, that's the extent of investing in Bitcoin.

Defiantly they can't be trusted since their playing area is not crypto but what you mentioned. We saw similar news from Warren Buffet, he is beyond any doubt one of the greatest investor of all time but his playing area is Equity trading that's why he doesn't like crypto. They are the people who said BTC is a scam and must be avoided, they will keep on saying bad about BTC. Its the responsibility of the community not to pay attention to such negative news.

[Coyster]

They are the people who said BTC is a scam and must be avoided, they will keep on saying bad about BTC. Its the responsibility of the community not to pay attention to such negative news.

Bitcoin users who are not new to the network and understand it wouldn't be worried about the FUD or what other people say about the network, the people I'm actually concerned about is the newcomers and individuals who want to adopt the technology, they are more often than not deceived by most of the erroneously placed news on the media about Bitcoin; that's the reason why it's always advised that one does his or her own research before joining the network, if you are expecting one so called 'expert' or the other to drop their opinion/perception before you make a decision, then you're must likely going to make a mistake.

[Hydrogen]

JP Morgan analysts say bitcoin's most probable price outcome is to never hit 100k as it is terribly overpriced.  

JP Morgan's cost projections are based upon an assumption that inflation will be short term. Eliminating both the need and demand for inflation protected assets like bitcoin.

If their assumptions on inflation being short term turn out to be incorrect however. Their cost assessment of bitcoin, will be thrown into doubt.

Future cost projections always stand or fall upon the foundation of assumptions upon which they are based. Inflation being short or long term, factors heavily into what bitcoin's market value should be.

Market behavior being based upon brownian motion was blamed for projections not predicting the 2008 economic crisis. Their accuracy can always be questioned. There are historical precedents which indicate this.

[GeorgeJohn]

No thing to think about this statement or else from JP Morgan. They and their CEO attacked Bitcoin multiple times but after all they launched services to allow their customers to invest in Bitcoin.

From Bitcoin is a fraud in 2017
to JPMorgan to give all wealth clients access to crypto funds

We have to know by this time that cryptocurrency especially bitcoin have a particular group of people that always castigates and antagonist it's development Everytime, and we have grown enough not to listen into all their false information people are rendering to people, JP Morgan's never one day believe  or support bitcoin in any form likewise Elon Musk, so i classify this set of individuals as bitcoin opposer or antagonist and we don't have to regard their public announcement concerning bitcoin as a something new, because it's not the first time and it can never be the last they will are procrastinating or spreading negativity about bitcoin.

[Gyfts]

...

My theory is the more FUD they spread, the more they can attract naive investors away from crypto and shift the market downward which would take away the institutional investors away from crypto, which is their target market. JP Morgan doesn't care what some 23 year old Robinhood investor thinks about Bitcoin or where they store their money in particular, but multiply this individual by hundreds of thousands, or even more, it has a large effect on the market. The institutional investors will follow the money, not that they care about the technology related to crypto or its decentralization, but to each their own.

[YinShuiSiYuan]

JP Morgan analysts say bitcoin's most probable price outcome is to never hit 100k as it is terribly overpriced.  JPMorgan Chase & Co. strategists recently released a report where they mention that Bitcoins's price is overpriced and for it to hit the 100k mark it would need to have volatility decreased. They point out that Bitcoin is now being traded above 60k but the true price for Bitcoin should be $35k.

What do you guys think about this?

 

   It's a never ending story with JP Morgan.. They always sell fake news. I have been observing their predictions for several years. Actually, since they first said something about Bitcoin, it was obviously negative predictions, just like it is now. In 90% of them they are opposite to what happens next.
If JP Morgan says Bitcoin will never reach $100k, at this point I am 100% sure that $100k will be achieved and it will happen quite soon.

[Oilacris]

Update   The JP Morgan analysts have changed their minds. The new target is 146k  
JPMorgan renews prediction that bitcoin could hit $146,000 - and says it's acting more like digital gold than ever

This is what im saying is that people could change up their minds and impressions towards the market and it is somewhat a bit manipulative kind of behavior on which they do tell negative things first and then sudden change  on positive.

Now their talking about being digital gold? What a turn of words. Wont really be surprised if they would revert those words back and said
negative ones again.

[NeuroticFish]

Now their talking about being digital gold? What a turn of words. Wont really be surprised if they would revert those words back and said
negative ones again.

That's correct. I'd say that it's in the job description to declare things in accordance with the company's current direction. They were against bitcoin in the past, they may be against bitcoin in the future. Now bitcoin brings them revenue, hence they speculate it will rise.

[glendall]

there is a possibility that JP said that he intends to add BTC but the price has reached 60k and he hopes that btc returns to 35k in order to increase their BTC stock
as there is btc has a fixed stock so to experience a price drop is only bad news or a mass ban in every country
and I think it's also a natural thing if the value of btc reaches 100k later because many want to own bitcoins and owners also want to benefit from their results

[shield132]

While I agree with him, I would say that the people who make predictions or state this kind of opinions under their famous name are just speculative persons who only care about their finances and try to manipulate the price of their assets/positions via you.
Bitcoin doesn't really need 30K price, it can perform well between 15-20K range and I believe after the crash, we will see this price again like we saw 3K after the crash from 20K. It's another task whether bitcoin reach 100K or not. Yeah, it's overpriced but it doesn't mean that there aren't people who won't buy it for 100. From the society that made dogecoin to worth almost 1$, nothing is unexpected.