Since yesterday, press reports have focused on a JP Morgan note adressed to clients which points that Bitcoin resurrection, partly explained by increased appetite from institutional investors, is likely to continue at the expense of gold.
According to Bloomberg, JPMorgan strategists wrote “The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional investors is very advanced.”
In the details, Bloomberg highlighted that “JPMorgan’s calculations suggest Bitcoin only accounts for 0.18% of family office assets, compared with 3.3% for gold ETFs. Tilting the needle from gold to bitcoin would represent the transfer of billions in cash.”
JPMorgan says gold will suffer because of Bitcoin https://t.co/AnxRSaZynp
— Bloomberg Crypto (@crypto) December 9, 2020
Meanwhile, Cointelegraph, noted “there is clear evidence that institutional uptake of Bitcoin is rising. Grayscale, a digital-asset manager, has recorded record inflows into its Bitcoin and Ethereum (ETH) trusts. Grayscale, Paypal and Cash App are buying up more BTC than is being mined each day.”