JP Morgan Analyst: Bitcoin Allocation in Portfolios Has Overtaken Gold
Nikolaos Panigirtzoglou, managing director of JPMorgan Chase, said that after adjusting for volatility, Bitcoin has surpassed gold in investor portfolio allocations. Specifically, Bitcoin has a 3.7x higher allocation than gold. He highlighted that net inflows into Bitcoin ETFs since their inception have reached $9 billion, equivalent to outflows from cryptocurrency trust fund GrayScale. He believes that if gold is used as the benchmark, the market size of Bitcoin ETF is expected to reach US$62 billion. February was one of the most optimistic periods for the cryptocurrency market, with the total market capitalization increasing by nearly 40% month-on-month to $2.2 trillion.
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