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 to see outflows. The bank notes Bitcoin is now trading well below its estimated production cost of $87,000 — historically a soft floor. JPMorgan’s key point: Bitcoin’s risk-adjusted profile versus gold has strengthened. Its volatility relative to gold has fallen to a record low, implying significant upside potential over the long term.