JPMorgan: Bitcoin’s ‘digital gold’ narrative under pressure

CoinRank News: JPMorgan analysts say Bitcoins positioning as digital gold is under pressure, while demand for gold continues to be strong. Bitcoins volatility and correlation with stocks raise questions about its digital gold narrative. Looking ahead, we believe gold will continue to rise and become the main beneficiary of debasement trades. Debasement trades are strategies that focus on buying assets such as gold and Bitcoin as a hedge against inflation, long-term debt and debasement of fiat currencies. Analysts say the sharp rise in gold prices this year to over $3,100 an ounce reflects an intensification of debasement trades - meaning investors are increasingly favoring gold over Bitcoin. (The Block)