In the world of finance, sometimes you’re the shining knight, and sometimes you’re the dragon that forgot how to fly. JPMorgan’s analysts have apparently cast the latter role for Bitcoin, which, according to them, has failed to live up to its lofty promises as a “safe-haven” asset. As global uncertainty swirls like a storm on a dark horizon, investors are flocking back to the tried-and-true – gold, yen, and the ever-reliable Swiss franc.
Gold Makes Bitcoin Look Like a Lightweight During Market Pandemonium
Bitcoin’s volatility has become the stuff of legends (and not the good kind). JPMorgan’s skepticism is perfectly in line with earlier reports that raised red flags about Bitcoin’s erratic behavior. As much as some Bitcoin fans would like to brand it as “digital gold,” its erratic performance just doesn’t pass the test. If you’ve been waiting for Bitcoin to act like gold, well, you might want to put your hopes on hold.
“The volatility of Bitcoin and its correlation with the stock market raises questions about the narrative of Bitcoin as ‘digital gold.’”
And for those keeping track of numbers, Bitcoin has underperformed gold by about 29% in 2025. Ouch. Even Canadian billionaire Frank Giustra has chimed in, noting that Bitcoin “has never traded like gold.” It’s starting to look like that digital gold narrative is getting a little tarnished.
Bitcoin’s Dual Personality: Risk-On or Risk-Off?
Some people still hold onto the dream that Bitcoin can wear both hats – risk-on and risk-off – depending on the market’s mood. Fundstrat’s Tom Lee calls Bitcoin “ambidextrous,” but right now, it looks more like an ambidextrous sloth, taking its sweet time to figure out what it’s actually supposed to do. The trend? Definitely leaning towards traditional assets.
JPMorgan even pegged $62,000 as a key support level for Bitcoin in the near future, but who’s betting on Bitcoin’s safe-haven recovery? Not many, it seems. If you ask us, the digital gold market is looking more like a digital rust bucket at this point.
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2025-04-18 13:16