JPMorgan: Bitcoin’s ‘digital gold’ narrative under pressure

Odaily Planet Daily News - JPMorgan analysts said that Bitcoin's positioning as "digital gold" is under pressure, while demand for gold continues to be strong. "Bitcoin's volatility and correlation with stocks have raised questions about its claim of being 'digital gold'." "Looking ahead, we believe that gold will continue to rise and become the main beneficiary of depreciation trades." Depreciation trades are a strategy that focuses on buying assets such as gold and Bitcoin to hedge against inflation, long-term debt and the depreciation of fiat currencies. Analysts said that the sharp rise in gold prices to more than $3,100 an ounce this year reflects the "intensification" of depreciation trades-meaning that investors are increasingly favoring gold rather than Bitcoin. (The Block)