PANews reported on April 18 that according to Decrypt, JPMorgan Chase's latest report pointed out that Bitcoin's safe-haven narrative has not reached its mythical status. In the case of recent market fluctuations due to the global trade war launched by President Trump, investors are more inclined to put their funds into gold. Analysts at the investment bank said in a report on Thursday that as speculators seek safe investments, gold ETFs and futures are getting most of the investment. This week, the price of gold hit a record high of $3,660 per ounce. In contrast, Bitcoin has fallen more than 20% since it hit a record of $109,000 on January 20, Trump's inauguration day, and is currently hovering around $85,000.

“Bitcoin has failed to benefit as much as gold from safe-haven inflows in recent months,” the report, released Thursday, said. “While investors have poured money into gold ETFs, speculators have cashed out of new U.S. cryptocurrency ETFs.” But geopolitical uncertainty, President Trump’s aggressive tariff policies and fears of a recession have prompted investors to turn to the ultimate safe-haven asset: gold.