Bitcoin Outshines Gold in Portfolio Allocation, Reveals JP Morgan Analyst
Summary:
JP Morgan's managing director, Nikolaos Panigirtzoglou, has stated that Bitcoin's share in portfolios now surpasses gold by 3.7 times when adjusted for volatility. This is due to an influx of over $10 billion into Bitcoin exchange-traded funds (ETFs) since January, resulting in a possible Bitcoin ETF market size of $62 billion. In February alone, spot Bitcoin ETFs sales reached $6.1 billion, marking a significant growth in the cryptocurrency market.
Nikolaos Panigirtzoglou, a managing director at JP Morgan, has stated that Bitcoin's allocation in portfolios, when volatility is taken into account, is now 3.7 times larger than that of gold. An overwhelming influx of more than $10 billion into Bitcoin exchange-traded funds (ETFs) has been reported since their launch just a month ago. The possible size of the Bitcoin ETF market, he argues, could escalate to $62 billion if gold is used as a reference point. The introduction of Bitcoin ETFs has had a positive impact on the cryptocurrency market, with the leading digital currency seeing a surge of over 45% in its market cap in the month of February alone. Compared to January's $1.5 billion, Bitcoin ETFs' sales soared to $6.1 billion in February. Details of this ongoing story will continue to be updated as more information comes to light.
Published At
3/15/2024 4:10:38 PM
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