JP Morgan analysts believe Bitcoin presents more upside than gold, driven by increased institutional adoption and a developing derivatives market. Recent acquisitions by major players like Coinbase, Kraken, and Gemini underscore the maturation of the crypto derivatives space, which could attract traditional investors. Bitcoin is currently trading near $104,000, only 5% from its all-time high, while gold sees fluctuations amid cooling trade tensions. The report notes Bitcoin's correlation to risk assets, as it has gained 17%, contrasting with gold’s decline of 9%. With Bitcoin ETFs outpacing those for gold in net inflows, JP Morgan expects a continued competition between the two assets but leans towards Bitcoin's potential growth due to crypto-specific catalysts. Overall, the market trends indicate a shift towards more favorable conditions for Bitcoin in the latter part of the year.

Source 🔗