JPMorgan Chase & Co (NYSE:JPM) said Thursday that Bitcoin (CRYPTO: BTC) could outperform gold if ETF hedging eases, as Bloomberg's Eric Balchunas predicted Bitcoin ETFs will eventually triple gold in assets. What JPMorgan's Report Says In a note cited by The Block, JPMorgan analysts led by Nikolaos Panigirtzoglou pointed out that gold ETFs have fully recovered all their 2026 outflows while Bitcoin ETFs have recovered only about half.