JPMorgan: Bitcoin May Be More Attractive Than Gold

Bitcoin and Traditional Safe Havens

Bitcoin has started to diverge from traditional safe havens such as gold and silver, weakening its connection with them. While gold prices show an increase of more than 60% in 2025, Bitcoin has lost value before entering 2026.

Declining Appeal and Market Sentiment

JPMorgan analysts indicate that the recent sell-offs in digital assets such as Bitcoin and Ethereum have created a loss of confidence and a negative sentiment among investors. The reaction of both institutional and individual investors to these developments reveals that the appeal of digital assets as a store of value is diminishing.

Long-Term Potential

Nevertheless, JPMorgan argues that Bitcoin's relatively low volatility compared to gold highlights its potential as a safe haven asset in the long term. However, they also point out that a price of $266,000, adjusted for volatility, is an unrealistic target in the short term.