Nikolaos Panigirtzoglou, managing director of JPMorgan, recently explained that Bitcoin's allocation in investor portfolios has already exceeded that of gold when adjusted for volatility.
Panigirtzoglou highlighted that there has been a net inflow of $9 billion into Bitcoin Exchange Traded Funds (ETFs) since their inception. This figure also takes into account outflows from digital currency asset manager Grayscale. Panigirtzoglou also suggested that the potential market size for Bitcoin ETFs could reach a staggering $62 billion if gold is used as a benchmark.
February had been a particularly optimistic period for the cryptocurrency market. The total market value increased by approximately 40% compared to the previous month, reaching 2.2 trillion dollars.
In addition, JPMorgan announced yesterday that the rally in the Bitcoin price was based on individual investors and some institutional investors aiming to make speculative investments. In addition, referring to comments that investors left gold ETFs and switched to BTC ETFs, analysts argued that this was not true and that investors bought both gold ETFs and BTC ETFs.
*This is not investment advice.
