Bitcoin’s Relationship With Gold Is More Complicated Than It Looks

Earlier this week, JPMorgan published a global markets strategy note that points out money has flowed out of gold and into bitcoin since October, and predicts this trend will continue over the medium to longer term.

The easy conclusion is that investors are finally understanding that bitcoin is a superior future store of value to gold, and are rotating out of one and into the other.

I’m not convinced that’s what we’re seeing. I agree with the analysts, though, that inflows into bitcoin…

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