According to JPMorgan’s Nikolaos Panigirtzoglous’ published research note for clients this October 6th, Bitcoin (BTC) is now more appealing than gold as an asset to combat rising inflation rates for institutional investors. Panigirtzoglous states that there are now several telling signs that the massive shift of investors away from gold to BTC seen predominantly last year has recurred within the past few weeks.
This statement by the global market strategist of JPMorgan is then supplemented by the recent surge of BTC’s market price back above $50,000 – capping off an impressive 85% increase this year. Inversely, gold’s global price fell by more than 6.5% this year to sit at about $1,800 per ounce. Interestingly, Ether (ETH), BTC’s closest adversary for the world’s top crypto title, is currently experiencing a massive 393% increase in its year-to-date metrics.
As per Panigirtzoglous, this renewed interest by institutional investors towards BTC is seemingly sparked by the reassurance of the US regulators to not follow China’s footsteps and everything pro-crypto happenings in El Salvador. On the other hand, the JPMorgan executive explains that gold’s steady drop is due to its failure to respond against the heightening inflation concerns that sprung up these past few weeks.