Bitcoin as a “digital gold” narrative at risk: JPMorgan

JPMorgan said the state of bitcoin as “digital gold” is weakening as cryptography is left behind the growing price of gold, which reached a record of $ 3,167 today.

He gold price He quoted a little more than 1% to $ 3,124 at 10:31 am after reducing the previous profits, while bitcoin fell almost 4% to $ 82,219 after Donald Trump American unleashed a flood of commercial tariffs against the rest of the world yesterday.

Gold's superior performance is a proof that investors still favor the product on btc in times of macroeconomic uncertainty, JPMorgan analysts led by Nikolaos Panigirtzoglou said in a report on April 2.

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Risk assets are transmitted after hours, since Trump's rates are worse than expected. Dow futures have already dropped more than 1,000, which is 2.5%. S&P futures have dropped 4%, and Nasdaq's futures have dropped 4.5%. bitcoin has only dropped 3.5%. Gold, however, the true safe refuge, reached a new record.

– Peter Schiff (@peterschiff) <a target="_blank" href="https://twitter.com/PeterSchiff/status/1907560882621595664?ref_src=twsrc%5Etfw”>April 2, 2025

The strategy of buying assets such as Gold and bitcoin to protect against inflation, weakening fiduciary currencies and long -term debt is known as degradation trade.

Analysts predicted that this trend He will persist, adding that “they see the gold that continues to increase as the main beneficiary of degradation trade.”

The volatility and correlation of bitcoin with the actions also ask questions about their “digital gold” narrative, they added.

<img decoding="async" class="alignnone" src="https://technicalterrence.com/wp-content/uploads/2025/04/Bitcoin-as-a-digital-gold-narrative-at-risk-JPMorgan.jpg" alt="bitcoin vs. gold” width=”1920″ height=”1080″/>

The Golden ETF see tickets while bitcoin ETFS records the exits of the exits in February and March

The pattern of investors that favor gold on bitcoin It can also be seen in the ETF flows (Bag Background), according to JPMorgan analysts.

Place <a target="_blank" href="https://farside.co.uk/btc/”>Bitcoins ETF I have seen exits in the last two months, which contrasts with the continuous entries in ETF of Gold, they said.

Meanwhile, bitcoin's futures have also become negative since January, while gold futures have remained relatively flat. This, according to analysts, suggests that the demand for gold comes from private investors and central banks instead of speculative merchants.

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