JPMorgan Says Institutions Ditching Gold ETFs for Bitcoin

JPMorgan Says Institutions Ditching Gold ETFs for Bitcoin
HeadlinesNewsJPMorgan Says Institutions Ditching Gold ETFs for Bitcoin

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JPMorgan Says Institutions Ditching Gold ETFs for Bitcoin

U.Today3 weeks ago
Published on November 08, 2020 11:20 GMT+0edited on November 08, 2020 11:27 GMT+0

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JPMorgan Chase, the largest U.S. bank by total assets, notes that Bitcoin is eating away at demand for gold ETFs in a report shared by Michael Sonnenshein, the managing director of Grayscale Investments.  

Institutional investors, such as family offices, now view the world’s largest cryptocurrency as a digital alternative to the yellow metal that used to be a go-to safe haven.          

In October, the flow trajectory of the Grayscale Bitcoin Trust (GBTC) became significantly steeper while gold ETFs remained basically flat.