Bitcoin's safe-haven narrative has not reached its mythical status, with investors instead preferring to put their money in gold amid recent market volatility over President Trump's global trade war, according to a new report from JPMorgan Chase. Gold ETFs and futures are getting the bulk of their investment as speculators look for a safe bet, analysts at the investment bank said in a report on Thursday. Gold prices hit an all-time high of $3,660 an ounce this week. By contrast, bitcoin has fallen more than 20 percent since hitting a record $1,09,000 on Trump's inauguration day on January 20 and is hovering around $85,000.
"Bitcoin has not benefited as much from safe-haven inflows in recent months as gold. While investors have poured money into gold ETFs, speculators have cashed out of new US cryptocurrency ETFs," the report, released on Thursday, said. But geopolitical uncertainty, President Trump's aggressive tariff policies and fears of a recession have prompted investors to turn to the ultimate safe-haven asset: gold.
JP Morgan Chase: Gold remains the safe-haven asset of choice, Bitcoin has failed to replace it
2025-04-18 00:50:52
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