Bitcoin's Price Surge: Replacing Gold, Setting New Targets, and Weathering Dips
JPMorgan reported that Bitcoin now comprises a larger portion of investor portfolios than gold, in volume-adjusted terms, as its price hits new highs. The cryptocurrency's popularity is surging, with the potential for bitcoin spot ETFs to hold $62 billion within a few years. Despite both bitcoin and gold benefiting from speculation about interest rate cuts, bitcoin is also boosted by the upcoming halving event and the emergence of bitcoin spot ETFs, with overall inflows into these funds currently at $9 billion. JPMorgan believes that bitcoin funds could eventually hold $62 billion, representing a shift from existing instruments and venues to ETFs.