JP Morgan Analyst Says Bitcoin Has Outpaced Gold in Investor Portfolios
The flagship cryptocurrency has 3.7 times greater allocation compared to the bullion
March 15, 2024 02:34 PM
Reading time: 43 seconds
TL;DR JPMorgan analysts said Bitcoin's allocation in investor portfolios has already outpaced gold. Specifically, the flagship cryptocurrency has a 3.7 times greater allocation than the bullion. They highlighted a net inflow of $9 billion into Bitcoin ETFs since their inception, accounting for outflows from Grayscale.
JPMorgan managing director Nikolaos Panigirtzoglou reportedly said that, when adjusting for volatility, Bitcoin’s allocation in investor portfolios is 3.7 times greater than the bullion.
The analyst highlighted a net inflow of $9 billion into Bitcoin ETFs since their inception. This amounts accounts for Grayscale outflows. It also suggests that the Bitcoin ETF market size could reach $62 billion if gold is used as a benchmark.
February marked one of the most optimistic periods for the crypto market, with the total market cap rising by almost 40% month-over-month to $2.2 trillion.
This rise was predominantly driven by a 45% surge in BTC and a 47% rise in ETH. While altcoins fell behind in price growth, they still recorded double-digit gains, the experts said.
Net sales for Spot Bitcoin ETFs climbed to $6.1 billion in February, up from $1.5 billion in January.
Bitcoin ETFs have demonstrated to be a net positive for the cryptocurrency market.
