The question of whether Bitcoin or gold is a safer harbor has not been able to find the exact answer since the first day of BTC, and it seems that it will not.
Because there are those who argue that gold is a safer investment tool, as well as those who say that BTC is a better investment tool.
However, JP Morgan's latest report revealed that investors prefer gold.
According to the report of Coindesk, JP Morgan said in its latest report that institutional investors prefer gold to BTC.
Stating that the reason for this is the regulatory pressures in the USA, JP Morgan analysts said:
“Regulatory pressures in the US are discouraging institutional investors from dealing with cryptocurrencies.
After the collapse of Silicon Vallet Bank, institutional investors are buying gold instead of Bitcoin as a precaution against a potential disaster scenario.”
Analysts led by Nikolaos Panigirtzoglou added that Bitcoin's 76% rally this year was due to retail purchases rather than institutional investors.
Analysts also said that regulatory pressures in the US have been negative within crypto firms, apart from Bitcoin.
“Regulatory pressure in the US is pushing American crypto firms to seek opportunities overseas.
As a reflection of these pressures, Binance canceled its agreement with Voyager, while Coinbase launched Coinbase International, a crypto derivatives exchange outside the US, as a portable measure."
*Not investment advice.