JPMorgan Finds Bitcoin Trades at “Intrinstic Value” as Goldman Throws Up All Over Cryptocurrency

from Zero Hedge

So much changes in just over two years. Back in late 2017 and early 2018, Goldman Sachs emerged as one of the most fervent adopters of bitcoin (perhaps because it presented at least some opportunity to trade vol in a market where the VIX was single digits), and even hired a head cryptocurrency trader . Then the cryptocurrency market crashed and despite fits and starts, has failed to recover its December 2017 highs.

Fast forward to today when Goldman prompted howls of outrage among the bitcoin faithful when the bank released a multi-strategy report that took some pot shots at crypto, saying among other things, that “we do not recommend Bitcoin on a strategic or tactical basis for clients’ investment portfolios even though its volatility might lend itself to momentum oriented traders.” The report also took the completely unoriginal track to compare Bitcoin’s rise, if not so much fall, to the Tulip mania of the 1600s in the Netherlands, although one look at the chart below suggest that such comparisons are woefully inaccurate with most bitcoin bulls laughing at repeated rumors of bitcoin’s demise.

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