JPMorgan Says Gold Will Suffer for Years Because of Bitcoin
- Bank says investor adoption of Bitcoin has only just started
- Gold ETFs are bleeding cash while Bitcoin funds absorb flows
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The rise of cryptocurrencies in mainstream finance is coming at the expense of gold, says JPMorgan Chase & Co.
Money has poured into Bitcoin funds and out of gold since October, a trend that’s only going to continue in the long run as more institutional investors take a position in cryptocurrencies, according to the bank’s quantitative strategists including Nikolaos Panigirtzoglou.