JPMorgan Says Bitcoin Now Has A Better Long-Term Appeal Relative To Gold – BTC Declines Below $70,000
Synopsis
JP Morgan’s Nikolaos Panigirtzoglou said the widening divergence between the two assets since last October has made Bitcoin increasingly attractive for long-term investors.
JPMorgan reportedly stated on Thursday that Bitcoin’s long-term appeal relative to gold has strengthened, driven by gold’s recent rally and a sharp rise in its volatility.
The firm noted that Bitcoin’s risk-adjusted profile has improved, with its volatility relative to gold falling to a record low, according to a report by Investing.com.
Bitcoin fell below the $70,000 mark and was trading about 5% lower at $69,388 at the time of writing, while spot gold (XAU/USD) was down 2.2% at $4,856 per ounce.
JP Morgan’s Nikolaos Panigirtzoglou said the widening divergence between the two assets since last October has made Bitcoin increasingly attractive for long-term investors. While crypto markets have faced pressure from broader risk-asset weakness and a pullback in precious metals, the impact appears contained, the firm added.
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