In a report by analysts from the investment bank JPMorgan, it is said that in the Q2 of 2021, institutional investors began to withdraw from bitcoin en masse.
The driver of the change in the tactics of major players was the fall in the value of the largest cryptocurrency in May. At the same time, there has been a steady trend towards increasing the attractiveness of such an asset as gold.
According to the results of the second quarter, the precious metal is likely to be more profitable than bitcoin, the researchers say.
In early April, a troy ounce of gold was trading slightly above $ 1,700, but now the price of the metal has reached $ 1,750.
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In quarterly terms, the increase in the value of gold amounted to almost 4%.
During the same time, bitcoin fell in price by more than 40%. The coin even tested short-term values below $ 30,000.
JPMorgan analysts emphasize that the inverse correlation between gold and bitcoin prices increased sharply in the spring of 2021. It was during this period that experts recorded a massive transition of institutional capital from cryptocurrency to precious metal. This trend continued in June.