JP Morgan recently set a price target for Bitcoin well under the current price. Their rationale? Get this....they say the price is currently higher than the current cost to produce a Bitcoin and therefore the price must come back down. This is the rationale they try to use to keep their institutional and retail clients away from buying Bitcoin. This has got to be the most laughable attempt to make a case for a lower Bitcoin price that ive come across to date. There is literally no linkage between these two things and in fact the price leads the hashing difficulty. The price of Bitcoin is determined by supply and demand. Period.
Don’t ever trust a word out of these bakers mouthes. They know the Bitcoin threat and they will do everything they can to try and dismiss it, dampen enthusiasm, and stop it from steaming forward. Ignore.
I admittedly work at one of the bulge brackets. I know these guys are bullshitting.
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