Growing Bitcoin Adoption Hurting Gold Market, Gold Price Will Continue to Wea...

Growing Bitcoin Adoption Hurting Gold Market, Gold Price Will Continue to Wea...

The rise of bitcoin is hurting the gold market and may continue to do so for many years to come as institutional adoption grows, according to JPMorgan Chase & Co strategists. Led by Nikolaos Panigirtzoglou, the strategists noted the declining inflow of funds allocated to gold exchange-traded funds (ETFs) since October, as flows into bitcoin (BTC) funds have swelled almost simultaneously. They said that the move “represents the transfer of billions in cash.” “The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional....


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