Analysts at JPMorgan said bitcoin's positioning as "digital gold" was under pressure, while demand for gold continued to be strong. "Bitcoin's volatility and correlation with equities raise questions about its claim to'digital gold '." "Looking ahead, we believe gold will continue to rise as a major beneficiary of depreciation trades."
Depreciation trading is a strategy focused on buying assets such as gold and bitcoin as a hedge against inflation, long-term debt and the depreciation of fiat currencies. Analysts say the sharp rise in gold prices to more than $3,100 an ounce this year reflects an "intensification" of depreciation trading - meaning investors are increasingly favoring gold over bitcoin.
JP Morgan: Bitcoin's "digital gold" narrative under pressure
2025-04-03 10:39:28
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