JPMorgan: Bitcoin Surged Beyond Its Intrinsic Value, Mirrors 2017 Boom-Bust Pattern12

Bitcoin has been unstoppable in recent weeks. The digital currency continued its recovery after a horrid few months, hitting a 2019 high of $8,350. This was after the currency had traded below $4,000 just a month earlier. While many believe that the price is finally catching up to the developments in the field, U.S’ largest bank isn’t as enthusiastic.

According to JPMorgan, bitcoin may have gotten ahead of itself with its recent rally. In a note to investors, some of the bank’s analysts suggested that the currency had surged beyond its intrinsic value. This, they believe, is a similar situation to the 2017 price rise which preceded a devastating slump.

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