Bitcoin, and cryptocurrencies in large, are battling an insurgent battle to reverse the incumbent system's wealth extraction dynamic. But after observing a shift in policy towards crypto, has JP Morgan become Bitcoin's best friend?
Lately, there had been a lot of buzz around a JPMorgan Chase investment note that purported to put bitcoin above real estate and other conventional asset classes as the "alternative asset of choice."
Bitcoin was roughly 28% undervalued, according to a May 25 investor note, and the bank was eyeing an upside price of around $38,000 per coin, thereby arguing that bitcoin's recent price drop was overblown in comparison to real estate, private equity, and private debt.
On the outside, this appeared to be a significant departure from the one major money center bank in the United States, whose CEO, Jamie Dimon, has adamantly refused to join the bitcoin craze.
Dimon's aversion to bitcoin is second only to that of European Central Bank (ECB) Presiden...
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