JPMorgan Says Institutional Investors Are Replacing Gold With Bitcoin

Posted on by American Coins & Gold

JPMorgan Says Institutional Investors Are Replacing Gold With Bitcoin
“Bitcoin’s allure as an inflation hedge” is drawing institutional investors back to the crypto market, JPMorgan’s Nikolaos Panigirtzoglou wrote in an Oct. 6 research note to clients.“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,” he said.Bitcoin prices have surged above $50,000 recently, climbing 85% this year, while the price of ether, the native currency of the Ethereum blockchain, has rose 393% year-to-date.Meanwhile, gold prices are hovering below $1,800 per ounce, falling 6.5% in 2021.Panigirtzoglou pointed to “the failure…