Morgan Stanley claims that Bitcoin's long-term attractiveness surpasses that of gold

JPMorgan Chase stated that after the strong performance and increased volatility of gold, the long-term attractiveness of Bitcoin relative to gold has improved. Despite the recent weakness of cryptocurrencies, the liquidation scale is not large, and the outflow of funds from spot Bitcoin ETFs continues. JPMorgan Chase pointed out that the trading price of Bitcoin is far below its estimated production cost of $87000, which is at a relatively low historical level. JPMorgan Chase believes that Bitcoin's risk adjusted value relative to gold has increased, and its volatility has dropped to a historic low, with enormous potential for long-term growth.