JPMorgan Chase: Bitcoin "has surpassed" gold

According to a report released by JPMorgan Chase on Thursday, an indicator shows that Bitcoin has become more popular than gold in investors' portfolios, thanks to its continuously hitting new highs. As a mainstream cryptocurrency, Bitcoin has long been compared with gold, and some people consider it as the digital version of gold. On the surface, the proportion of gold in investment portfolios should be higher than that of Bitcoin because it is estimated that $3.3 trillion has been used for gold investments. JPMorgan stated that when comparing these two assets in nominal terms, Bitcoin's allocation seems lower because its market value is only $1.3 trillion. Therefore theoretically, the value of Bitcoin can still rise by 153% to reach the value level of gold. However, this calculation ignores an important factor: risk; since Bitcoin's volatility is about 3.7 times higher than that of gold analysts say it's unrealistic to expect bitcoin to match up with Gold in nominal amounts within investor portfolios . In other words if cryptocurrencies are really seen as a digital analogy for Gold investors would take into account their volatility and give them less weight in their portfolio but if so according to reports ,the total value of bitcoin will not exceed $900 billion and its price should hover around approximately $45k rather than close to current levels near $67k therefore from a volatility adjusted perspective ,Bitcoin already occupies larger position within investor portfolios compared with Gold.