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JPMorgan said Bitcoin's status as “digital gold” weakened as the crypto was behind the surging price of gold, which hit a record of $ 3,167 earlier today.
The Gold price Exchanged little to 1% to $ 3,124 at 10:31 am EST after the earlier acquired earners, while Bitcoin dropped nearly 4% to $ 82,219 after Donald Trump released a barrage of trade tariffs against the rest of the world yesterday.
The release of gold is proof that investors are still favorable to the BTC commodity in the Times of Macroeconomic uncertainty, JPMorgan's analysts said led by Nikolaos Sidezoglou in an April 2 report.
Risk owners are tanks after time because Trump's tariffs are worse than expected. Dow futures have dropped more than 1,000, 2.5%. S&P futures dropped by 4%, and NASDAQ futures dropped by 4.5%. Bitcoin dropped only 3.5%. Gold, however, the truly safe shelter, hit a new record high.
– Peter Schiff (@Peterschiff) April 2, 2025
The approach of buying properties such as gold and bitcoin to guard against inflation, the weakening of fiat currencies and long-term debt is known as the trade in debasement.
Analysts proceeded to guess that this trend Continuing, adding that “they see gold that continues to rise as the major trade beneficiary of debasement.”
Bitcoin's volatility and relationship with equality also raises questions in “digital gold 'narratives,” they added.
Golden ETFs see flows as Bitcoin ETFs recording outflows in February and March
The pattern of investors favoring gold Bitcoin It can also be found in the ETF (force-traded fund) flow, according to JPMorgan analysts.
Spot Bitcoin etf Seeing has been seen over the past two months, which is in contrast to the ongoing flow of the Gold ETFs, they said.
Meanwhile, bitcoin futures have also been negative since January, while gold futures have remained relatively flat. This, according to analysts, suggests that demand for gold comes from private investors and central banks rather than speculants.
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