BILLIONAIRE INVESTOR BILL MILLER PUTS 50% OF NET WORTH IN BITCOIN, SAYS BTC CAN GO UP 50X!!

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Although JP Morgan may not trade Bitcoin (BTC) or offer crypto-specific services to its clientele, the company does analyze this nascent market once in a while.

This much was made clear very recently. One individual this week shared a report from JP Morgan, dated May 22nd, that included a post-halving analysis of the Bitcoin mining scene.

Analysts at the multinational financial institution found that through their analysis of Bitcoin’s intrinsic value, BTC is currently trading “25% below what the intrinsic price would be after the halving.”

The intrinsic price JP Morgan found was derived through the average cost of mining one BTC.

While the analysts suggested that no concrete signals can be garnered from the fact that the cryptocurrency is below its intrinsic value, analysts think BTC will eventually catch up.

As it stands according to JP Morgan analysts, Bitcoin’s intrinsic value sits somewhere around $11,500 — over $2,500 higher than the current market price.

While this price may seem miles away, it’s attainable due to fundamental trends.

Blockchain insights firm Santiment shared on May 21st that Bitcoin’s Network Value to Transactions Ratio (NVT) remains “healthy,” suggesting prices may soon resume higher despite the recent drop:

“In spite of BTC’s mild -4.4% downswing today, its NVT looks healthy, and our model is showing a semi-bullish signal. The amount of unique tokens being transacted on Bitcoin network is slightly above average for in May, according to where price levels currently sit,” Santiment wrote.

BlockTower Capital, a cryptocurrency and blockchain investment fund, echoed the optimism.

In a note, the firm said that the “macro case” for BTC has “never been more obvious.”

It attributed its optimism to multiple trends, such as growing distrust in central banks, the world’s adoption of digital technologies amid the ongoing illness, and growing geopolitical tensions as economies break down.

JP Morgan’s latest report about Bitcoin comes as JPMorgan & Chase — the banking division of the firm — has begun to service “crypto-native” clients for the first time ever.

As reported by the Wall Street Journal ten days ago, the bank has taken on two top Bitcoin exchanges, Coinbase and Gemini Trust, as clients.

“People familiar with the matter,” said that the accounts were opened and approved in April, and transactions through the account have just started to be processed.

“The bank is primarily providing cash-management services to the firms and handling dollar-based transactions for the exchanges’ U.S.-based customers, according to the people.”

According to Mike Novogratz — CEO of Galaxy Digital and a former partner at Goldman Sachs — this news is a massive deal, a “big deal” in fact.

The Wall Street investor remarked that the firm’s acceptance of cryptocurrency clients is a sign of “recognition that the future will include crypto currencies, digital assets, and blockchain based systems.”

In other trending Bitcoin News today:

Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential “Big Short”

A bearish fractal in the S&P 500 that historically leads the index lower may prove equally fatal to Bitcoin.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

The JPM announcement that they will provide banking services to Coinbase and Gemini is a big deal. Go $BTC. It is recognition that the future will include crypto currencies, digital assets, and blockchain based systems.

— Michael Novogratz (@novogratz) May 12, 2020

Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential “Big Short”

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The Bitcoin price could establish a new all-time high above the $20,000 level in 2020 as it hits crossroads with a bias-defining indicator.

The benchmark cryptocurrency’s latest move uphill prompted it to retest its 20-weekly moving average on Wednesday.

The technical indicator is conclusively accurate when it comes to defining the BTC price long-term trends.

When Bitcoin (BTC) breaks above the MA, it tends to stage parabolic bull runs. Nevertheless, the best-case scenario shows Bitcoin attempting a 250 percent jump in the long-term.

That would bring its exchange rate close to $28,000.

In other Crypto news today, one of the biggest issues many people have with government is its complete lack of transparency and accountability, which in turn creates national populations with a high level of distrust in the ruling classes. With their immutable transaction ledgers, financial innovations, like Bitcoin and other crypto assets, could help restore some of this lost trust.

Today, presidential hopeful and antivirus pioneer John McAfee laid down a challenge to members of US Congress.

The controversial crypto asset proponent asked if any single member of the United States government would be willing to permanently record all their financial dealings on the blockchain.

In the below tweet, addressed as a challenge to Congress, McAfee asks if any member of the US government would be willing to have every financial transaction they ever make permanently recorded via blockchain technology.

This would allow the US public to see exactly how the apparent representatives of the people were spending their own and public money.

Such a system would enable voters to see if the government was truly acting in the people’s, or in fact their own, interests.

“A CHALLENGE TO MEMBERS OF GONGRESS. Are you willing to be tokenized on the Blockchain – meaning every penny that comes into or leaves any of your accounts must be digital, and every penny placed on the blockchain so the American people can forever see its movement? If not, why?”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

A CHALLENGE TO MEMBERS OF GONGRESSAre you willing to be tokenized on the Blockchain – meaning every penny that comes into or leaves any of your accounts must be digital, and every penny placed on the blockchain so the American people can forever see its movement?

If not, why?

— John McAfee (@officialmcafee) January 7, 2020

https://www.newsbtc.com/2020/01/07/john-mcafee-lays-down-crypto-transparency-challenge-to-us-congress/

https://www.newsbtc.com/2020/01/08/crucial-indicator-shows-bitcoin-price-250-higher-in-2020/

💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts

Bitcoin Price hit $60,000 for the first time on March 13 as the long-awaited continuation of the BTC bull run got underway.

Data from Cointelegraph Markets and Tradingview tracked BTC/USD as the pair finally crossed the historic level after several weeks of mild corrections and periods of consolidation.

Bulls had spent a considerable time in limbo as Bitcoin tested prior all-time highs at $58,350 repeatedly, with a significant resistance zone beneath slowing progress.

In the end, however, optimism won out, and the largest cryptocurrency by market capitalization clinched its latest milestone. At press time, price action focused on an area just below $60,000 amid characteristic volatility.

As Bitcoin price inched its way closer to the previous all-time high, analysts at Whalemap observed some interesting on-chain activity taking place. 

According to the research team:

“Realized Cap HODL waves show what percentage of realized capitalization belongs to HODLers of different type (1y-3y hodlers, 3y-5y and so on). Usually, macro tops occur when the market over-saturates with FOMO. This can be identified when a large % of realized capitalization belongs to short term hodlers (younger than 6 months). The last macro tops were accompanied by more than 95% of realized cap belonging hodlers of less than 6 months. Currently, we are at 82%.”

Anticipation of $60,000 and even higher had steadily built up over recent days. As Cointelegraph reported, professional analysts as well as traders were poised to announce the end of Bitcoin’s prior sideways price action as indicators pointed in bulls’ favor.

The now-standard narrative of healthy on-chain metrics combined with positive support from institutions served to bolster confidence. Now that Bitcoin price has reached the $60,000 level, many analysts have set their targets on the $72,000 zone, followed by $100,000. 

In other trending Bitcoin News today:

Member of French Parliament Signs Petition That Urges Central Bank to Adopt Bitcoin

While Wall Street is already diving headfirst into Bitcoin, the world’s central banks keep scoffing at the cryptocurrency. One French politician is attempting to change that.

Jean-Michel Mis, a member of the National Assembly (the lower house of the French Parliament), has signed a petition to the French Senate that would authorize the Bank of France (Banque de France) to purchase Bitcoin and other cryptocurrencies.

The petition was initially filed by Ark Ecosystem CEO Francois-Xavier Thoorens earlier this month.

It cites MicroStrategy and Tesla as the companies that have purchased large sums of Bitcoin while also mentioning Miami’s plan to potentially invest its treasury reserves into the cryptocurrency:

France must adopt a strategy in this area and a law enabling it to be applied. I, therefore, propose an update of the Monetary and Financial Code to endow the Banque de France with the capacity to buy, sell and hold bitcoins and other crypto-assets that it sees fit.

Presently, it has collected only 293 out of the 100,000 required signatures to meet the threshold for pushing the discussion onto the Senate floor.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

💥💥💥 $60g’s baby!!!!!!

How ironic that virtually nobody wanted #bitcoin at $3-4k but now everybody and their momma wants it above $50g’s 😉🚀

$77k short term target in play!! 🎯 pic.twitter.com/fX0fMidCux

— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) March 13, 2021

On March 13th 2020 – Bitcoin hit ~$3,800 USDOn March 13th 2021 – Bitcoin hits ~$60,000 USD

Perspective.

— Monsieur RookiéXBT 🧲 (@RookieXBT) March 13, 2021

https://cointelegraph.com/news/the-bitcoin-boom-the-future-of-the-company-balance-sheet

https://u.today/member-of-french-parliament-signs-petition-that-urges-central-bank-to-adopt-bitcoin

https://cointelegraph.com/news/bitcoin-price-hits-60k-after-bulls-push-through-a-key-resistance-cluster