JP Morgan Sees Bitcoin Outpacing Gold as Crypto Derivatives Market Expands
Bitcoin is seen as having greater potential upside than gold, according to JP Morgan analysts. Recent catalysts for Bitcoin include increased corporate treasury allocations and favorable legislation for state investments. Acquisitions by Coinbase and Kraken indicate a maturing futures and derivatives market. Analysts expect the competition between gold and Bitcoin to continue, with a bias towards Bitcoin benefiting from crypto-specific catalysts in the second half of the year. Bitcoin recently surpassed $104,500, nearing its all-time high. While Bitcoin is often viewed as a risk-on asset, it has been correlated with equities. The crypto derivatives market is evolving, with significant deals enhancing institutional confidence. Gold prices may rise due to potential developments in U.S.-China tariff negotiations. Over the past year, both assets have gained amid inflation concerns, but Bitcoin has outperformed gold. Bitcoin ETFs have surpassed gold ETFs in net inflows since December. Gold is currently priced at $3,230, while Bitcoin is at $103,800.
