According to JPMorgan financial conglomerate strategist Nikolaos Panigirtzoglou, the current marketThe price of the first cryptocurrency finally equaled its intrinsic value.
According to Panigirtzoglou, the gap between theseindicators was quickly closed after the halving of the reward for rs_bitcoin miners, which took place on May 11. In January of this year, an analyst said that Bitcoin was overvalued, but in a new report, Panigirtzoglou writes that after the halving, BTC is worth exactly what it should be.
Note that JPMorgan calculates the internalthe value of bitcoin as a regular commodity. Analysts calculate the production cost of each coin, taking into account the power of the equipment of the miners and the cost of electricity.
“Given the halving of the award to the miners,Bitcoin’s intrinsic value has literally doubled, ”Panigirtzoglu emphasized, adding that a decrease in the hash rate of the Bitcoin network and the rate of the first cryptocurrency also influenced the intrinsic value of BTC.
Note that after the reward halving, Bitcoin miners began turning off legacy BTC mining devices, resulting in a 24% reduction in overall miner power consumption.
</p></p>Read this:
Miners began to switch from Bitcoin to Bitcoin Cash and Bitcoin SV
JPMorgan strategist points to bitcoin price reduction factor
Peter Schiff expects Bitcoin to fall after halving award to miners
Jihan Wu: “Halving the reward to miners may not affect the Bitcoin exchange rate”
The real value of bitcoin is now equal to its market price.
Jihan Wu: “After halving, the pressure of miners on the value of bitcoin will decrease”