JPMorgan: Family offices may shift interest from gold to bitcoin

On November 6th, J.P. Morgan released its latest observations on investment funds, particularly highlighting Grayscale's Bitcoin Investment Trust fund GBTC. They noted the rapid growth in the fund's assets in recent weeks, speculating that this could be due to family offices viewing Bitcoin as an alternative to gold. Source

GBTC Shows Impressive Growth

A Morgan Stanley analyst stated that the news of PayPal supporting cryptocurrency trading and payments has not only attracted young retail investors, but the institutional investment vehicle GBTC has also seen significant capital growth in the past few weeks, indicating institutional investment preferences.

Morgan Stanley's statistics show that from January to October this year, the number of GBTC shares has grown faster than that of gold ETFs. Since institutions such as family offices have traditionally invested in gold ETFs, analysts believe that institutions may now view Bitcoin as an alternative asset to gold.

Although Bitcoin approached $16,000 on the 6th, Morgan Stanley indicated at that time that there was an overbought condition based on their CME futures index, and later Bitcoin prices experienced a correction.

Long-Term Bitcoin Market Value Expected to Increase Tenfold

Morgan Stanley still believes that Bitcoin has considerable long-term potential. If it can more actively compete with gold and cater to the demand of private institutions for gold ETFs, gold bars, and gold coins, its market value is expected to increase tenfold.