In its most recent report, banking giant JPMorgan has noted that Bitcoin's "digital gold" narrative is falling apart due to the high level of correlation between the leading cryptocurrency and U.S. equities.
This comes after the cryptocurrency has slipped by nearly 6% amid the ongoing tariff mayhem.
As reported by U.Today, Canadian billionaire Frank Giustra recently urged Bitcoin evangelists to drop the narrative that the cryptocurrency is a digital version of gold. According to Giustra, Bitcoin tends to perform as a typical risk asset.
Bitcoin has dramatically underperformed gold in the first quarter of 2025, with risk assets taking a beating due to the drama surrounding global trade tensions.
Earlier today, Bitcoin plunged to an intraday low of $81,332, according to CoinGecko. The cryptocurrency has dropped by more than 6%. Meanwhile, the tech-heavy Nasdaq 100 index has plunged by more than 5%.
Nikolaos Panigirtzoglou, a managing director at JPMorgan, has opined that gold is currently benefiting from the debasement trade.
Earlier this Thursday, Mike McGlone, chief commodities analyst at Bloomberg, opined that Bitcoin is proving that it is more "leveraged beta" than digital gold.
Vladislav Sopov
Dan Burgin