American investment banking firm JP Morgan Chase said in a note to investors that the cryptocurrency is growing in valuation and serves as a better hedge against inflation than gold.
While Bitcoin investors had stated what they perceive as cryptocurrency's advantage over gold, JP Morgan Chase's pronouncement gives considerable backing to such claims.
According to JP Morgan, institutional investors appear to be returning to Bitcoin as it is perceived as a better inflation hedge than gold.
JP Morgan noted that there are signs that the previous shift to bitcoin away from gold that was seen in the last quarter of 2020 and the start of 2021 has begun re-emerging in recent weeks.
Bitcoin, which remains highly volatile as is still part of an unregulated market, was trading at $56,480 as of 9 am on October 11.Internet Explorer Channel Network