On March 8th, JPMorgan Chase has sent a cryptocurrency introductory report to its private bank customers to educate them on the risks and opportunities of investing in crypto technology. The minimum balance of these related accounts is US$10 million. The report also analyzed the valuation method of Bitcoin and applied three different indicators, namely the number of users, the value of gold, and the global money supply. Specifically, if a version of Metcalfe’s Law is applied (the value of Bitcoin is proportional to the square of the number of users), then the valuation of Bitcoin will be $21,667; if the current value of gold is applied to 21 million coins The maximum supply of Bitcoin, then its value will be US$540,814; if the global currency value is applied to the maximum supply of Bitcoin, the value of Bitcoin is US$1.9 million.
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