Institutional investors are ditching Gold for Bitcoin, says JP Morgan
Investors since the dawn of time have always considered Gold as the ultimate hedge against inflation, that is until the emergence of cryptocurrencies, especially Bitcoin.
Now, the latest research note by JP Morgan has revealed the shift of institutional investments from Gold to Bitcoin as the crypto market recovers from the September correction.
JPMorgan’s analyst Nikolaos Panigirtzoglou wrote:
“Institutional investors appear to be returning to Bitcoin, perhaps seeing it as a better inflation hedge than gold.
There are tentative signs that the previous shift away from gold into bitcoin seen during most of Q4 2020 and the beginning of 2021 has started reemerging in recent weeks.”
Bitcoin has recently traded around $ 55,000, up by more than 80% since the beginning of the year. It previously recorded an ATH of $65,000 in May before tumbling below $30,000. While it took some time to recover, Bitcoin is again above $50,000 levels.
The value recently rose after SEC chairman Gary Gensler remarked that the SEC has no plans to ban cryptocurrencies, unlike China which has recently taken several steps to crack down on the crypto-market.
JP Morgan’s report came after Dawn Fitzpatrick, CEO of Soros Fund Management, revealed that the fund holds some amount of cryptocurrencies.
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