Bitcoin Surpasses Gold in Investor Portfolios: JPMorgan
As reported by a JPMorgan analyst, Bitcoin has surged past gold in terms of investor portfolio allocation, taking volatility into account.
Specifically, Bitcoin’s allocation is 3.7 times greater than that of gold. Additionally, they pointed out a net inflow of $9 billion into Bitcoin ETFs since their inception, which offsets outflows from Grayscale.
Nikolaos Panigirtzoglou, managing director at JPMorgan, revealed that, when adjusted for volatility, Bitcoin allocation in investor portfolios now exceeds gold by 3.7 times.
❖ Bitcoin has already surpassed gold in investor portfolio allocation: JPMorgan
JPMorgan managing director Nikolaos Panigirtzoglou said that, when adjusting for volatility, Bitcoin's allocation in investor portfolios has already outpaced that of gold. Specifically, the flagship…
— *Walter Bloomberg (@DeItaone) March 15, 2024
The analyst highlighted the accelerated inflows of over $10 billion into spot Bitcoin exchange-traded funds (ETFs) since their approval in January and claimed the potential BTC ETF market size could reach $62 billion, using gold as a benchmark.
Another report from JPM Securities predicts that the spot Bitcoin ETF market could expand to as much as $220 billion in the next two to three years, projecting a substantial impact on Bitcoin’s price due to increased capital inflows.
The approval of BTC ETFs has already positively affected the crypto market. In the past month, the total market capitalization soared by nearly 40% to $2.2 trillion. Bitcoin and Ethereum were the primary drivers, increasing by 45% and 47% respectively.
Altcoins also benefited, experiencing double-digit gains, alongside further growth in the decentralized finance (DeFi) and non-fungible token (NFT) sectors.
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