I noticed that Bitcoin has held $8,000 and I have been getting a lot of questions about it.
You know who else is getting a lot of Bitcoin questions… JP Morgan!
JP Morgan – according to my friend Pomp is now putting out research reports about “Bitcoin’s intrinsic value.”
I have a bad memory, but I DO remember Jamie Dimon (their CEO and supreme leader) calling Bitcoin a fraud, joke and worthless the last few years.
I agree with Pomp on the following…never listen to what a bank says, watch what they do.
By the way, Bitcoin’s market cap is now twice that of Uber’s $70 billion.
Speaking of ‘banks’, here is a chart of Deutsche Bank :
Elsewhere in the financial world, Goldman Sachs seems to be doing a lot of smart (and evil) things in fintech, but their stock can’t get over $200 and remains over 20 percent off their all-time highs. It’s not easy building and buying legitimately into software service banking business with genz and millennial customers.
Welcome to 2019 brokerage and banking valuations.
Of course it could mean Goldman Sachs is undervalued. I continue to keep a close eye on their acquisitions, products and stock price.