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Nov. 9, 2020

Grayscale Investments' Bitcoin Trust outperforms gold-based exchange-traded funds (ETFs) thanks to the participation of institutional investors, JPMorgan analysts say:

"This contract lends support to the idea that some investors that previously invested in gold ETFs such as family offices, may be looking at bitcoin as an alternative to gold."

Analysts believe the increased confidence in the GBTC suggests demand for Bitcoin comes not only from millennials, but also from large institutional investors:

"As we had highlighted in our previous [report] of October 23rd, the potential long-term upside for bitcoin is considerable if it competes more intensely with gold as an ‘alternative’ currency given that the market cap of bitcoin would have to rise 10 times from here to match the total private sector investment in gold via ETFs or bars and coins."

At the same time, JPMorgan has warned investors:

"The sharp spike in prices this week appears to have taken bitcoin close to overbought levels."

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