Here we go again…JPMorgan blasts Bitcoin

JPMorgan has continued its assault on all things Bitcoin-related, Bloomberg reports, with its analysts seizing on the fact that the production-weighted cash cost to create one Bitcoin averaged around $4,060 globally in the fourth quarter.

It is currently trading below $3,600, so go figure. There is, however, a big spread around the average, meaning that there are clear winners and losers, with low-cost Chinese miners falling in the latter category.

Meanwhile, John Normand, Head of Cross-Asset Strategy with JPMorgan, has argued that even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging. “If the future indeed entails dystopia, then for consistency, investors and corporates should be making broader and deeper preparations beyond just acquiring cryptocurrencies,” he commented.

Jamie Dimon

JPMorgan CEO, Jamie Dimon, is a high-profile critic of Bitcoin. But this week he revealed that he isn’t taking any satisfaction from its current troubles. More on that here.