Bitcoin (BTC) Surpasses Gold in Investor Portfolios: JP Morgan
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Bloomberg Terminal on the X/Twitter social media platform has tweeted that according to analysts of major banking giant JP Morgan, Bitcoin has surpassed gold in investor portfolio allocation.
Bitcoin beats gold as investor asset class
In particular, the pioneer cryptocurrency has an allocation 3.7 times bigger than that of gold bullion. The analysts also named the recent billions of U.S. dollars invested in spot Bitcoin ETFs over the past two months since their approval in January, including the massive Bitcoin outflows from Grayscale. These remarkable inflows suggest that the Bitcoin ETF market has high odds of reaching a whopping $62 billion compared to gold.
In February, the crypto market saw an overall surge in overall capitalization – by more than 40% month-to-month, hitting $2.2 trillion, mainly thanks to Bitcoin’s increase by 45% and Ethereum’s by 47%. Altcoins followed suit, demonstrating double-digit rises, as well as both the DeFi and NFT sectors of the market.
In March, Bitcoin smashed several consecutive all-time highs, starting from $69,200 and so far pausing at the $73,750 historic peak, which was reached on March 14. However, over the past 24 hours, the flagship cryptocurrency rebounded by approximately 10%, declining to the current level of $67,905.
Yuri MolchanRobert Kiyosaki explains Bitcoin's superiority to gold
Prominent investor with various assets in his portfolio and author of the classic book “Rich Dad Poor Dad” Robert Kiyosaki took to the X/Twitter app to share his take on why Bitcoin is superior to gold.
Kiyosaki shared that he is invested in gold, silver and Bitcoin, and he even owns oil wells. However, he believes that BTC is superior to all of them for one major reason – when the gold/silver/oil price surges, more of them can be mined. Unlike them, the total Bitcoin supply was limited to 21 million coins by its mysterious creator, Satoshi Nakamoto, in 2009, when BTC was released into the world.
Recently, Robert Kiyosaki made an epic Bitcoin price prediction, saying that he expects BTC to hit a six-digit value by the end of this year - $300,000. His ultra-bullish prediction took into account the approaching halvening event and the fact that ETFs continue to scoop up Bitcoin from the market. Currently, they are buying 12.4x the amount of BTC produced per day (that is, 900 BTC).
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