When gold surges to $5,000 and global funds flood into traditional safe-haven assets, a counterintuitive signal is quietly emerging: Bitcoin may be a more worthwhile long-term bet than gold. This is not a shout from crypto enthusiasts, but the core conclusion of JPMorgan's latest in-depth analysis.
On the surface, gold shines brightly amid geopolitical turmoil and expectations of currency devaluation; however, when delving into the risk-adjusted return dimension, Bitcoin is quietly undergoing a "value reassessment." JPMorgan points out that as Bitcoin's volatility continues to decline—now at historically low levels close to gold—the potential returns per unit of risk have significantly outperformed gold. In other words, under similar volatility conditions, Bitcoin's upside potential far exceeds that of gold.
Behind this shift is Bitcoin's mature transition from a "speculative toy" to a "digitally scarce asset." Institutional holdings are stabilizing, leverage levels are returning to rationality, and the ETF mechanism provides a compliant entry point, all of which have collectively reduced price noise. While gold remains stable, it is already at a historically high valuation, requiring stronger catalysts for further increases.
More critically, when benchmarked against the $6.2 trillion private gold investment scale, Bitcoin's current market value is only one-third of that. JPMorgan estimates that to achieve a balanced risk capital allocation, Bitcoin's fair price should reach $170,000—implying an upside potential of nearly 150%.
Therefore, in this battle of "new versus old value storage," Bitcoin may no longer be a fringe option but an undervalued long-term winner.
$BTC
