JPMorgan has sent a report to its private banking clients to educate them on the risks and opportunities of investing in crypto.

The report, which was produced in February 2021 and obtained by CoinDesk Friday, has been distributed to clients of JPMorgan Private Bank, which requires a minimum balance of $10 million to open an account.

The 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: 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. Whereas applying the global value of money to bitcoin’s max supply would place the crypto’s valuation at $1.9 million.

The report plays down bitcoin’s common comparison to gold. Despite having diversifying properties, bitcoin’s “volatility characteristics and correlation profile refute the comparison to the traditional safe haven asset.”

See also: JPMorgan Survey: 78% of Institutional Investors Don’t Plan to Invest in Crypto