0850 GMT – Bitcoin has surged beyond its so-called intrinsic value, says JPMorgan strategist Nikolaos Panigirtzoglou while calling it a potential warning sign following 2Q’s doubling to $8,000 that is reminiscent of its boom-and-bust cycle of the past 2 years. Analysts and investors have long debated over whether bitcoin, like gold, has any intrinsic value. In a note to clients, Panigirtzoglou treats bitcoin as a commodity and calculates its marginal cost of production using inputs such as computational power, electricity costs and hardware energy efficiency. “Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017.” Bitcoin is still down by roughly 60% from its all-time high.