✅ Bitcoin could surpass gold, according to JPMorgan✅
Analysts now say that the two assets are locked in a zero-sum game, with capital flowing from one to the other rather than rising in tandem.
"Between mid-February and mid-April, gold was rising at the expense of BTC. In the last three weeks, we have seen the opposite: Bitcoin gaining at the expense of gold," wrote Nikolaos Panigirtzoglou, managing director of JPMorgan, in a note shared with The Block.
Gold falls, Bitcoin rises
Since peaking on April 22, gold has fallen nearly 8%, while BTC has increased 18% during the same period. This divergence is also reflected in investor behavior:
Gold ETFs have seen outflows.
Spot Bitcoin ETFs and crypto funds have recorded net inflows.
Futures markets show an increase in Bitcoin positions and a decrease in gold exposure.
Earlier this year, the trend reversed, with gold rising as BTC lagged behind along with other risk assets. But in recent weeks, that dynamic has decisively reversed.
