JPMorgan: Bitcoin Appears More Attractive Than Gold Over the Long Term.
Nikolaos Panigirtzoglou, a quantitative strategist at JPMorgan, argues that Bitcoin now looks more appealing than gold for long-term investors. This view comes despite Bitcoin's recent volatility and underperformance.
He points to gold's strong outperformance against Bitcoin since October 2025, combined with a sharp increase in gold's volatility. These factors have improved Bitcoin's risk-adjusted profile, with the Bitcoin-to-gold volatility ratio dropping to a record low of around 1.5.
Nikolaos Panigirtzoglou notes that, on a volatility-adjusted basis, Bitcoin would need a substantial market cap increase (implying a price around $266,000) to match private-sector investment levels in gold (excluding central banks, roughly $8 trillion).
While he calls this unrealistic in the near term, it underscores Bitcoin's significant long-term upside potential, especially once negative sentiment fades and it's again viewed as a comparable hedge in extreme scenarios.
This contrarian take highlights Bitcoin's strengthening case relative to gold amid shifting investor preferences and market dynamics.
$BTC
Nikolaos Panigirtzoglou, a quantitative strategist at JPMorgan, argues that Bitcoin now looks more appealing than gold for long-term investors. This view comes despite Bitcoin's recent volatility and underperformance.
He points to gold's strong outperformance against Bitcoin since October 2025, combined with a sharp increase in gold's volatility. These factors have improved Bitcoin's risk-adjusted profile, with the Bitcoin-to-gold volatility ratio dropping to a record low of around 1.5.
Nikolaos Panigirtzoglou notes that, on a volatility-adjusted basis, Bitcoin would need a substantial market cap increase (implying a price around $266,000) to match private-sector investment levels in gold (excluding central banks, roughly $8 trillion).
While he calls this unrealistic in the near term, it underscores Bitcoin's significant long-term upside potential, especially once negative sentiment fades and it's again viewed as a comparable hedge in extreme scenarios.
This contrarian take highlights Bitcoin's strengthening case relative to gold amid shifting investor preferences and market dynamics.
$BTC