In a recent analysis, JPMorgan analysts have underscored the long-term investment potential of Bitcoin (BTC), asserting it surpasses that of gold. This assessment emerged despite notable price declines for Bitcoin in recent months, drawing attention during a period of market fluctuations.
As a leading global financial institution based in New York, JPMorgan is known for providing insights into market trends. The report indicates that while gold has appreciated significantly over the past year, its increased volatility has diminished the risk differential between it and Bitcoin. Analysts noted, “Gold”s recent rapid ascent has also led to a significant rise in its volatility.”
JPMorgan”s findings suggest that Bitcoin”s risk-adjusted profile has improved relative to gold, with price movements of the two assets becoming increasingly correlated. Since October 2025, gold has gained approximately 30%, while Bitcoin has seen a steep decline, dropping to nearly half of its previous peak value of $126,000.
In light of these developments, JPMorgan strategist Nikolaos Panigirtzoglou pointed out that achieving a market value comparable to gold would require Bitcoin to reach an estimated price of around $266,000, a target considered improbable in the near term.
The analysis surfaced following a significant downturn in Bitcoin”s price, which fell to approximately $65,000 last Thursday, marking the most considerable nominal loss to date. Since its peak in October, Bitcoin has reportedly decreased by about $62,000. Current evaluations indicate that Bitcoin”s price remains well below its estimated production cost of approximately $87,000.
Moreover, there has been a notable trend of capital outflows from U.S.-based Bitcoin exchange-traded funds (ETFs), with over $3 billion exiting last month. This trend was accompanied by significant transactions in December and November.
Despite the recent sell-off, JPMorgan asserted that the pressure observed was relatively mild compared to previous market instances. However, the ongoing outflows from ETFs, combined with sharp price declines, reflect a sustained negative sentiment within the market. At the time of the report, Bitcoin was valued at $66,000.
