Bitcoin is robbing gold of its allure. In a letter to investors, JP Morgan, the world's largest investment bank, stated that Bitcoin appears to be a stronger inflation hedge than gold. Many individuals favor bitcoin as a store of wealth, and bitcoin advocates have long claimed that cryptocurrency offers greater and faster returns than gold. Both of these characteristics are commonly linked with gold. Critics, on the other hand, claim that Bitcoin is very volatile and that there is no assurance that it will continue to increase.
Despite this, the price of Bitcoin has crossed $50,000 for the third time this year. While this demonstrates Bitcoin's proclivity for rapid rises and falls, it also suggests that investing in it might pay off in the long run. JP Morgan's letter allegedly stated, "Institutional investors appear to be returning to Bitcoin, maybe perceiving it as a stronger inflation hedge than gold." Fortune magazine commented on the company's remark,...