Share this article
JPMorgan Sends Its Private Clients a Primer on Crypto
The report, which was produced in February and obtained by CoinDesk on Friday, has been distributed to clients of JPMorgan Private Bank, which requires a minimum balance of $10 million to open an account.
Updated Sep 14, 2021, 12:22 p.m. Published Mar 6, 2021, 2:00 p.m.
Make us preferred on Google
JPMorgan has sent a report to its private banking clients to educate them on the risks and opportunities of investing in crypto.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The report, which was produced in February and obtained by CoinDesk on Friday, has been distributed to clients of JPMorgan Private Bank, which requires a minimum balance of $10 million to open an account.
The move comes after CNBC reported in February that JPMorgan co-President Daniel Pinto claimed "demand isn't there yet" from clients for crypto services, but it "will be there at some point."
The report breaks down how bitcoin could be valued, applying three different metrics, including the number of users, the value of gold and the global money supply.
1. If applying a version of Metcalfe's law – that bitcoin's value is proportional to the square of the number of users – it would be worth $21,667.
2. If applying the current value of gold to the max supply of 21 million bitcoin, it would be valued at $540,814.
3. If applying the global value of money to bitcoin's max supply, it would be valued at $1.9 million.
The report plays down bitcoin's common comparison to gold. Bitcoin has "diversifying" properties, but its "volatility characteristics and correlation profile refute the comparison to the traditional safe haven asset," the report states.
See also: JPMorgan Survey: 78% of Institutional Investors Don’t Plan to Invest in Crypto
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
Top Stories
