JPMorgan Chase: "Institutional investors buy bitcoin instead of ETF for gold"

As stated by Grayscale Investments Managing Michael Sonnenshain, According to Jpmorgan Chase report, Bitcoin pulls over part of the investment in ETF gold.

According to Grayscale Investments, published by Grayscale Director Michael Sonnenshain (Michael Sonnenhein) given from the report JPMorgan Chase, Institutional investors consider the largest cryptocurrency as a digital alternative to gold, which is traditionally considered a protective asset.

In October, investment in Grayscale Bitcoin Trust (GBTC) They began to grow rapidly, While investments in ETF on gold remained almost unchanged.

“This contrast confirms the idea of, that some investors, eg, Family investment companies, previously bought by ETF shares for gold, They can consider bitcoin as an alternative to gold ", – Wrote Sonnisin.

According to him, Although GBTC remains the most popular investment tool Grayscale, Ethereum Trust also continues to grow. Recently investments in Grayscale Ethereum Trust exceeded
$1 billion, and the total amount of assets under the management of the company reached $8.5 billion. Ethereum Trust was registered in the SEC at the beginning of last month.

GrayScale products contributed as an influx of investment from customers of the company, and a significant increase in the cryptocurrency market - the bitcoin exchange rate exceeded $ 15 000 for the first time since the beginning 2018 of the year.