2020 was a red-banner year for Bitcoin, the world’s biggest cryptocurrency. A week into 2021, its price topped $37,000 (€30,265), more than quadrupling its value in the past year. In recent weeks, the Grayscale Bitcoin Trust gained over $3 billion (€2.45 billion), according to a note published Tuesday by investment bank JPMorgan. Gold, meanwhile, saw some $7 billion in outflows. “Bitcoin’s competition with gold has already started in our mind,” the JPMorgan strategists wrote. “Considering how big the financial investment into gold is, a crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term,” they said. So is Bitcoin the …
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