JPMorgan Warns That Institutional Investors May Ditch Bitcoin for Gold
Crypto market is in the process of a massive correction. This might push investors to seek more reliable assets to save their money from inflation such as gold. This scenario is suggested by JPMorgan’s analysts, according to CNBC.
The massive decline in Bitcoin’s prices may cause doubts whether it’s a good instrument for investment. Gold showed 6% growth since the beginning of Bitcoin’s correction, and this is the best proof of the bear moods of the institutional investors who choose a more familiar and safer option.
Bitcoin statistics also shows that the presence of the institutions on its market is on decline. The futures markets had gone through the most intense liquidation since last October. The strategist of Bloomberg Intelligence Mike McGlone believes the positive gold trend may become a problem for Bitcoin.