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Bitcoin has already surpassed gold in investor portfolio allocation - JPMorgan

Published 03/15/2024, 08:20 AM
Updated 03/15/2024, 08:23 AM
© Reuters Bitcoin has already surpassed gold in investor portfolio allocation - JPMorgan

JPMorgan analysts said that, when adjusting for volatility, Bitcoin's allocation in investor portfolios has already outpaced that of gold. Specifically, the flagship cryptocurrency has a 3.7 times greater allocation compared to the bullion.

They highlighted a net inflow of $9 billion into Bitcoin ETFs since their inception, accounting for outflows from Grayscale, and suggests a potential 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 cryptocurrency market, with the total market capitalization surging by nearly 40% month-over-month to $2.2 trillion.

This surge was primarily led by a 45% increase in Bitcoin and a 47% rise in Ethereum. While altcoins lagged behind in performance, they still recorded double-digit gains. Both decentralized finance (DeFi) and non-fungible token (NFT) sectors also saw gains during this rally.

Net sales for Spot Bitcoin ETFs climbed to $6.1 billion in February, up from $1.5 billion in January.

BTC’s value surged by 33% in the past two weeks, reaching a new all-time high, a rise that occurred alongside significant inflows into spot Bitcoin ETFs. Similarly, crypto mining stocks also touched new record highs in February.

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