In its most up-to-date report, banking big JPMorgan has famous that Bitcoin’s “digital gold” narrative is falling aside as a result of excessive degree of correlation between the main cryptocurrency and U.S. equities.
This comes after the cryptocurrency has slipped by almost 6% amid the continued tariff mayhem.
As reported by U.As we speak, Canadian billionaire Frank Giustra lately urged Bitcoin evangelists to drop the narrative that the cryptocurrency is a digital model of gold. In keeping with Giustra, Bitcoin tends to carry out as a typical danger asset.
Bitcoin has dramatically underperformed gold within the first quarter of 2025, with danger property taking a beating as a result of drama surrounding world commerce tensions.
Earlier right this moment, Bitcoin plunged to an intraday low of $81,332, in line with CoinGecko. The cryptocurrency has dropped by greater than 6%. In the meantime, the tech-heavy Nasdaq 100 index has plunged by greater than 5%.
Nikolaos Panigirtzoglou, a managing director at JPMorgan, has opined that gold is presently benefiting from the debasement commerce.
Earlier this Thursday, Mike McGlone, chief commodities analyst at Bloomberg, opined that Bitcoin is proving that it’s extra “leveraged beta” than digital gold.