In its recent report, banking behemoth JPMorgan has concluded that Bitcoin has failed as a safe-haven asset amid the recent tariff-induced mayhem.
The banking giant's analysts have noted that gold is stealing Bitcoin's luster, with exchange-traded funds (ETFs) tied to the yellow metal attracting steady inflows. In sharp contrast, Bitcoin ETFs have been seeing persistent outflows.
The lustrous metal is performing like a typical safe-haven asset alongside the Japanese yen. They typically attract investors when there is growing macroeconomic and/or geopolitical uncertainty.
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When risk-on assets like equities and high-yield bonds drop lower due to investor fears, gold, the Japanese yen and other safe havens typically experience anxiety-induced rallies.
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There have been plenty of heated debates about whether Bitcoin can be treated as a safe-haven asset, and the cryptocurrency's most recent performance flies in the face of those who view it as digital gold. Bitcoin is down by roughly 29% against the lustrous metal in 2025.
Some Bitcoin skeptics feel vindicated. As reported by U.Today, Canadian billionaire Frank Giustra, for instance, recently opined that Bitcoin has never traded like gold.
Some analysts of the likes of Fundstrat's Tom Lee view Bitcoin as ambidextrous, meaning that it is capable of showing both risk-on and risk-off qualities.
Last week, as reported by U.Today, Galaxy Digital CEO Mike Novogratz opined that Bitcoin was "ready to run" despite trading like the Magnificent Seven stock in 2025.
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