JPMorgan: Bitcoin's "risk-adjusted" attractiveness far surpasses gold, with long-term explosive potential beyond imagination

2026-02-05 13:45:32

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As gold prices surge strongly and volatility in safe-haven assets intensifies, JPMorgan’s latest analysis indicates that Bitcoin’s long-term investment appeal relative to gold is significantly increasing, showing greater potential upside on a risk-adjusted basis.
(Previous context: Glassnode: Bitcoin falls below true mean, market enters “bear time”)
(Additional background: Bitcoin breaks below $70,000! Returns to November 2024 levels, Trump’s term gains fully retraced)

Amid the strong rise in traditional safe-haven asset gold prices and rising volatility, Wall Street heavyweight JPMorgan has provided a new assessment of Bitcoin’s long-term investment value. The latest analysis points out that, in terms of risk-adjusted performance, Bitcoin’s long-term attractiveness compared to gold has markedly improved, with significant upside potential in the future.

After Gold’s Strength, Bitcoin’s Relative Attractiveness Emerges

Walter Bloomberg citing JPMorgan reports states that although the overall cryptocurrency market has recently weakened and Bitcoin prices are under pressure, JPMorgan notes that there has been no large-scale panic liquidation, and the overall deleveraging process has been relatively orderly. However, spot Bitcoin ETFs continue to see outflows, indicating that short-term investor sentiment remains cautious.

JPMORGAN: BITCOIN NOW MORE ATTRACTIVE THAN GOLD LONG TERM

JPMorgan says Bitcoin’s long-term appeal versus gold has improved after gold’s strong outperformance and rising volatility.

Despite recent crypto weakness, liquidations have been modest, though spot Bitcoin ETFs continue…

— *Walter Bloomberg (@DeItaone) February 5, 2026

JPMorgan further points out that currently, Bitcoin’s price is significantly below its estimated production cost (about $87,000). Historically, when Bitcoin falls below its production cost range, it often forms a so-called “soft bottom,” providing support for medium- to long-term prices and reducing the likelihood of further sharp declines.

Risk-Adjusted Performance Turns Stronger, Long-Term Potential Draws Attention

The core view of the report is that Bitcoin’s risk-adjusted performance relative to gold has improved markedly. JPMorgan notes that Bitcoin’s volatility relative to gold has fallen to a historic low, indicating that its price trend is gradually maturing. As volatility decreases, if demand warms up again, Bitcoin still holds considerable upside potential in the long term.

JPMorgan’s latest perspective reflects a continued shift in attitude among mainstream financial institutions toward Bitcoin. From being viewed as a highly speculative asset in the past, it is gradually being incorporated as a long-term allocation option compared to gold. Bitcoin’s role in global asset allocation is quietly changing.

BTC-9.86%

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