Bitcoin becoming a cyclical asset, not a hedge, according to JPMorgan …

The Bitcoin (BTC) bull market has put the flagship cryptocurrency on par with cyclical assets as opposed to a hedge against market stress, according to analysts at JPMorgan Chase. 

JPMorgan strategists John Normand and Federico Manicardi say anyone betting on Bitcoin as a portfolio diversifier is putting themselves at risk. In a Thursday report obtained by Bloomberg, the strategists called Bitcoin the “least reliable hedge during periods of acute market stress.”

They added:


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