JPMorgan: Bitcoin is Now a More Attractive Investment Than Gold Long Term

JPMorgan analysts have concluded that Bitcoin's long-term investment profile has improved compared to gold, despite Bitcoin experiencing a significant market pullback. This assessment stems from gold's strong outperformance over the past year and a corresponding rise in its volatility, which has narrowed the perceived risk gap between the two assets. The bitcoin-to-gold volatility ratio has reportedly fallen to a record low near 1.5. Strategist Nikolaos Panigirtzoglou suggested that, on a volatility-adjusted basis, Bitcoin's market cap would need to reach around $266,000 to match private sector gold investment levels, indicating significant long-term upside potential once current negative sentiment subsides. This analysis comes as Bitcoin suffers a sharp crash, dipping to $65,000, trading below its estimated production cost of $87,000, although liquidation activity remains modest compared to previous downturns.

(Source：Bitcoin Magazine)