JP Morgan is another leading Wall street institution and bank, which starts to embrace BTC's dominant position in the crypto market. BTC has long been called the digital gold of the world. JP Morgan now claims that institutional inflow in the BTC market is adversely impacting the price of physical gold.
JP Morgan has analyzed that Gold ETFs have seen outflows of over USD 7 Billion, while only the Grayscale Bitcoin Trust has seen an inflow of roughly USD 2 billion in a short period of time in the last two months:
CNBC report - https://www.cnbc.com/2020/12/09/jpmorgan-gold-will-suffer-as-institutional-investors-flock-to-bitcoin.html
Bloomberg report - https://www.bloomberg.com/news/articles/2020-12-09/jpmorgan-says-gold-will-suffer-for-years-because-of-bitcoin
While the "digital gold" status has been claimed for many years now, this is the first instance where I read a major institution seeking evidence that BTC price action might be adversely impacting prices of gold.
This is another solid pillar holding the fundamentals of BTC price action lately. I personally expect reaching ATH in 2020 does not have this bubble-feeling association, which was present in 2017. There is more evidence surfacing everyday that mainstream adoption of BTC and crypto is significantly advancing. BTC maintains its strong dominance status at 62.6% today as seen on Coinmarketcap.
This time around I strongly believe we are just seeing the beginning of a major bull run! HODL and accumulate is my personal goal!
