JP Morgan Is Using the Wrong Valuation Technique on Bitcoin

JP Morgan likes to attack Bitcoin. Of late, it is putting out all kinds of analysis on the leading cryptocurrency.

The problems is not their forecasts but how they got there.

Most analysts looks at Bitcoin like they would any other commodity. The challenge with that is it does not behave like other commodities. When the price of Bitcoin falls, production does not fall. Hence we have a curve like we see below.

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