The current Bitcoin price increase could be due to the fact that more and more large investors are switching to Bitcoin. Bitcoin has arguably proven to be one of the best inflation hedges to date. Bitcoin has outperformed the high inflation numbers so far. Gold, on the other hand, is known to keep up with inflation.
The analysts argued that the correlation indicator of BTC and gold has changed.
For example, the famous investor Kevon O’Leary still has a share of gold in his portfolio, but he too has already realized the potential of cryptocurrencies. Bitcoin or even Solana are said to have found their way into his portfolio.
JP Morgan CEO Jamie Dimon, on the other hand, takes a completely different view. He is still a Bitcoin skeptic and compares Bitcoin as “Fool’s Gold”.