Bitcoin’s Inflation Narrative More Compelling Than ETF Fever, JPM Says

Bitcoin’s Inflation Narrative More Compelling Than ETF Fever, JPM Says
This week’s launch of the ProShares Bitcoin Strategy Exchange-Traded Fund (stock ticker BITO) may have aided the cryptocurrency’s recent price surge to an all-time high, though the perception of bitcoin as an inflation hedge over gold is probably a bigger factor, a JPMorgan strategist wrote Thursday.In its first two days of trading, BITO amassed assets of over $1 billion, according to ProShares.Bloomberg ETF analyst Eric Balchunas says the new ProShares fund is the fastest in the history of the ETF industry to reach $1 billion in two sessions; such an ascent eclipsed the SPDR Gold Trust (GLD) ETF’s 18-year record…