Bitcoin’s long-term investment case relative to gold has strengthened, according to JPMorgan, even as the cryptocurrency suffers one of the sharpest market pullbacks in its history.

In a new note, JPMorgan analysts reportedly said Bitcoin’s risk-adjusted profile versus gold has improved after gold’s strong outperformance over the past year and a notable rise in volatility for the traditional safe-haven asset.

The divergence between the two assets has been stark. Since October 2025, gold has climbed roughly a third, while BTC has fallen nearly 50% from its peak above $126,000. 

The downturn marks four consecutive months of declines — a stretch not seen since before…

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