Bitcoin's price has doubled from $15,000 in November 2022 to nearly $30,000 in April 2023, but recent regulatory concerns in the US have caused a decline in the price of Bitcoin and other cryptocurrencies. Despite this, JPMorgan Chase & Co predicts a bull case scenario for Bitcoin, with the potential for the cryptocurrency to reach $45,000 if compared to gold in private investors' portfolios. The upcoming Bitcoin halving event in April or May 2024 is also expected to impact production costs and potentially drive prices higher. JPMorgan has settled a class-action lawsuit for $2.5 million over its decision to treat cryptocurrency purchases with credit cards as cash advances, but has not admitted any wrongdoing.
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