JPMorgan Says Bitcoin Could Beat Gold as Analyst Predicts It'll 'Triple' Gold

JPMorgan Chase & Co (NYSE:JPM) said Thursday that Bitcoin (CRYPTO: BTC) could outperform gold if ETF hedging eases, as Bloomberg’s Eric Balchunas predicted Bitcoin ETFs will eventually triple gold in assets.

What JPMorgan’s Report Says

In a note cited by The Block, JPMorgan analysts led by Nikolaos Panigirtzoglou pointed out that gold ETFs have fully recovered all their 2026 outflows while Bitcoin ETFs have recovered only about half. 

The debasement trade that drove inflows into both assets after the July Fed meeting has weakened over the past week as inflation-adjusted bond yields rose and the CLARITY Act failed in the Senate.

Moreover, short interest in BlackRock’s (NYSE:BLK) iShares Bitcoin Trust (NASDAQ:IBIT) sits near its highest level this year, while short interest in the SPDR Gold Shares ETF (NYSE:GLD) sits below its historical average.

The put-to-call ratio is also higher for IBIT than GLD, pointing to elevated hedging demand around Bitcoin relative to gold.

“This contrast suggests that Bitcoin still faces an overall more skeptical positioning backdrop than gold,” the analysts wrote, adding that if hedging demand falls, it could give Bitcoin more support than gold from current levels.