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 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