JPMorgan has sent a cryptocurrency report to its top banking clients. The report states that while “demand isn’t there yet” for mass-audience cryptocurrency services, demand “will be there at some point.”

Deep dive: The report focuses on how Bitcoin’s valuation. Depending on what metric is used, JPMorgan believes that Bitcoin’s value can range from $21,667 to $1.9 million. The report went on to say that Bitcoin can be an effective portfolio diversifier.

Between the lines: While the report does not make buying recommendations, it demonstrates growing interest from legacy institutions in the cryptocurrency space.

Be smart: Cryptocurrency is a brave new world. It will be hard for anyone to create a reliable value range for Bitcoin.