Bitcoin has officially surpassed Gold in investor portfolio allocation, a report from JPMorgan Bank says. Analysts at the bank stated that the allocation of the leading cryptocurrency is currently 3.7 times bigger than that of gold. JPMorgan also shared how the approval and performance of Spot Bitcoin ETFs has led to this surge in portfolio allocation.
Furthermore, the inflows of BTC from these funds suggest that the Bitcoin ETF market has high odds of reaching a whopping $62 billion compared to gold, according to analysts. The asset has had a bullish beginning to 2024, seeing the asset rise to all-time highs. With the surge of BTC, the entire crypto market has also seen pumps in trading volume and price, showing investor interest in digital assets.
In February, the crypto market saw an overall surge in overall capitalization by more than 40% month-to-month, hitting $2.2 trillion. Grayscale and BlackRock’s Bitcoin ETFs led the way for BTC in trading, compiling over $2 billion multiple days in a row.
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Furthermore, JPMorgan’s analysis shares that both Bitcoin and Gold investments performed well in February. Retail and institutional investors have been buying both gold and bitcoin this year. “Private investors and individuals have propagated both gold and bitcoin year-to-date rather than shifting from the former to the latter,” analysts led by Nikolaos Panigirtzoglou wrote.
At press time, Bitcoin is slightly down 3%, trading at $68,117.44. Over the past week, its bullish surge has slightly come back to earth. However, the coin is still performing at its best in years.