Analysts of the banking giant JP Morgan opined that institutional investors might withdraw from Bitcoin and turn their sight back to gold as the price of the primary cryptocurrency collapsed.
Back to Gold
The turbulent times for cryptocurrencies caused some analysts to doubt bitcoin’s merit as a store of value. According to JP Morgan experts, the recent crash of Bitcoin can reflect on the entire financial world. They seem to believe that many investors will panic-sell their BTC holdings to replace them with gold – the traditional store of value.
While BTC’s price sunk to $30,000, the value of the yellow metal became very tempting, rising by 6% since the beginning of May.
However, the chief commodity strategist at Bloomberg – Mike McGlone – took a different stance from the forecast of JP Morgan’s experts. He also emphasized gold’s bull run but predicted that bitcoin will be capable of enduring its power:
”It’s a Gold Bull Market. Gold’s 20% discount to its 2020 reco
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