JPMorgan Chase strategist Nikolaos Panigirtzoglou issued a research note asserting Bitcoin is now more attractive than gold on a risk-adjusted basis. The bank reports that the risk gap between the two assets has compressed to historic lows. This shift stems from Bitcoin’s declining volatility occurring alongside gold’s rising volatility.
The analysis highlights a divergence where gold has seen significant inflows while digital assets faced recent pressure and ETF outflows. JPMorgan describes Bitcoin as significantly oversold despite this negative sentiment.
The note establishes a theoretical long-term price target of $266,000 for Bitcoin. This valuation represents the level required to match total private sector investment in physical gold.