JPMorgan Estimates Bitcoin’s ‘Fair Value’ at $38,000, 12% Below Current Price

"The strategists calculated the fair-value level at around $38,000 based on Bitcoin being roughly four times as volatile as gold" "In a scenario where the volatility differential narrows to three times, the fair value rises to $50,000, they estimated."

I thought the fair price is whatever one's willing to spend on it.

JPMorgan is a well recognised authority on crypto value. why don't they just keep it to themselves and short btc?

> why don't they just keep it to themselves and short btc

If one does a bunch of research that indicates that a stock will increase in value, it is common to buy the stock then publish the research. Anyone swayed by the assessment may buy the stock increasing its value.

The same logic applies to shorting a stock.

very good point.

Regulators wouldn't be happy with a systemic bank holding crypto on their balance sheet

They must either be shorting it (in which case please show me your portfolio) or think that the market will be irrational and the prize won't go down (in which case please define what "fair value" means in this case and why I should care how volatile Bitcoin is in comparison to gold)

Smart. FUD then buy the dip.