JPMorgan Chase: Gold is still the safe-haven asset of choice, Bitcoin has not been able to replace it

PANews reported on April 18 that, according to Decrypt, JPMorgan Chase’s latest report pointed out that Bitcoin’s risk-off narrative has not reached its mythical status, and investors are more inclined to put their money into gold amid the recent volatility in the market due to the global trade war launched by President Trump. Analysts at the investment bank said in a note on Thursday that gold ETFs and futures were getting the majority of the investment as speculators sought sound investment. This week, gold hit an all-time high of $3,660 an ounce. In contrast, bitcoin has fallen more than 20% since setting a record $109,000 on Trump’s inauguration day on January 20 and is now hovering around $85,000. “Bitcoin has failed to benefit as much as gold has from safe-haven inflows in recent months,” the report released on Thursday noted. While investors are pouring money into gold-backed ETFs, speculators are cashing out new US crypto ETFs. "But geopolitical uncertainty, President Trump’s aggressive tariff policy, and recession fears have prompted investors to turn to the ultimate safe-haven asset: gold.