In a recent analysis, JPMorgan has shown evidence that institutional investors are divesting from gold ETF into Bitcoin and other cryptocurrency investments.
In the report, which compared the “flow trajectories for Grayscale Bitcoin Trust (GBTC) and gold Exchange-Traded Funds (ETFs)”, JPMorgan attributed the flight to cryptocurrency to “corporate endorsements and the endorsement by Paypal, a couple of weeks ago. The report then opined that the analysis “supports the idea that some investors that previously invested in gold ETFs may be looking at bitcoin as an alternative investment to gold.”
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