JPMorgan Chase & Co. has noted that Bitcoin's "digital gold" narrative is falling apart

This comes after the cryptocurrency has slipped by nearly 6% amid the ongoing tariff mayhem.

Bitcoin's "digital gold" narrative is disintegrating as the world's leading cryptocurrency is exhibiting a high level of correlation with U.S. equities, according to a recent report by banking giant JPMorgan.

The cryptocurrency has slipped by nearly 6% amid the ongoing tariff mayhem.

Earlier today, Canadian billionaire Frank Giustra urged Bitcoin evangelists to drop the narrative that the cryptocurrency is a digital version of gold.

According to Giustra, Bitcoin tends to perform as a typical risk asset.

Bitcoin has dramatically underperformed gold in the first quarter of 2025, with risk assets taking a beating due to the drama surrounding global trade tensions.

Earlier today, Bitcoin plunged to an intraday low of $81,332, according to CoinGecko. The cryptocurrency has dropped by more than 6%.

Meanwhile, the tech-heavy Nasdaq 100 index has plunged by more than 5%.

According to Nikolaos Panigirtzoglou, a managing director at JPMorgan, gold is currently benefiting from the debasement trade.

Earlier this Thursday, Mike McGlone, chief commodities analyst at Bloomberg, opined that Bitcoin is proving to be more “leveraged beta” than digital gold.