Bitcoin’s role in big-money talks has shifted in recent weeks. Reports say analysts at JPMorgan now see Bitcoin as more attractive than gold for long-term investors once you adjust how risk is counted. That’s a notable twist given how deeply gold has been ingrained as the go-to safe haven for decades.

Gold’s climb has been hard to ignore. After swinging wildly, gold prices rallied back to around $5,000 per ounce following a sharp sell-off earlier in February. Major banks project further strength later in 2026, with JPMorgan forecasting it could hit roughly $6,300 per ounce by year-end.

At the same time, Bitcoin’s own numbers have looked shaky. Since peaking above $126,000, Bitcoin has slid nearly 50%, settling nearer $65,000-$70,000 in early February. This plunge left BTC below its estimated production cost of around $87,000, according to analysts.

The real math behind JPMorgan’s view isn’t just about where these assets sit today; it’s about how wild their price swings have been. The soaring price of gold came with rising unpredictability, especially as markets reacted to geopolitical upheaval and macroeconomic moves. Meanwhile, Bitcoin’s volatility has softened from its usual extremes.

This convergence shows up in what’s called the bitcoin-to-gold volatility ratio. According to JPMorgan, that ratio has plunged to around 1.5, a record low. This suggests Bitcoin is carrying only about 1.5 times the risk of gold, which is tighter than historical norms. Such a shift makes risk-adjusted returns more competitive for BTC.

Under this framework, analysts figure Bitcoin’s market capitalization would have to rise dramatically to match the roughly $8 trillion private sector investment held in gold. If that happened, implied models point to Bitcoin prices near $266,000. JPMorgan emphasizes that this is not an expected short-term target, but it illustrates how much room exists if sentiment changes.

In the broader market, tokens like XRP, Ethereum, and Solana have been caught up in the same risk sell-off that clipped Bitcoin. These cryptos have seen sharp drops in recent sessions as traders fled riskier bets, testing buying interest and liquidity conditions. Moves like these show that the relative calm in volatility isn’t guaranteed to last, especially when markets tighten.

Gold’s oscillations have also tested investor nerves. Earlier in 2026, gold endured some of its most extreme swings ever, including double-digit plunges and rebounds that challenged its reputation as the “stable” safe haven. Still, the rebound to near $5,000 per ounce underlines demand from defensive buyers.

Based on reports, JPMorgan’s stance doesn’t say Bitcoin will instantly replace gold in portfolios. Instead, analysts are recognizing how relative risk and reward are being measured today. Bitcoin’s lower recent volatility, combined with its huge theoretical upside based on gold’s market size, make it a compelling candidate for some long-range thinking.