Mar 8, 2024

"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, including a JPMorgan report that says bitcoin is unlikely to match gold’s allocation in investor portfolios due to heightened risk and volatility.

Video transcript

Will Bitcoin match gold's allocation in investor portfolios and the US appeals do Kwon's extradition. You're watching Coin Desk daily, I'm your host, Jens Asi Bitcoin is unlikely to match gold's allocation in investors portfolios in normal terms. That's according to a research report by Jp Morgan. The report said that gold is the best comparison for Bitcoin given the investor perception of Bitcoin as a digital version of the metal analysts wrote that Bitcoin's volatility which is almost four times the volatility of gold makes it unrealistic to expect Bitcoin to match gold in investors portfolios in notional amounts. Jp Morgan said that if Bitcoin were to match gold in risk capital terms, the implied location drops $2.9 trillion implying a price of $45,000 notably lower than current levels. As of 10 a.m. Eastern time, Bitcoin is at around $68,500 up over 2% and the Coin Desk 20 index is also up over 2%. Optimism foundation sold almost 20 million op tokens to an unidentified buyer. The tokens are worth about 80 million dollars at current prices. The sold tokens are subject to a two year lock up but the buyer can delegate those tokens to unaffiliated third parties for participation in governance decisions, giving the same benefits as an unvested holder. The tokens come from the unallocated portion of the Op Token Treasury and they're part of the foundation's original working budget of 30% of the initial supply and the US will appeal do Kwon's extradition to South Korea. That's according to Bloomberg on Thursday, Kwan's attorney told Coindesk via text that a Montenegro court would extradite him to South Korea. But in a justice department statement also on Thursday, it was revealed that the US will continue to seek Kwon's extradition. The eyes of global authorities have been on Kwon ever since Tara collapsed. In mid 2022 Taras collapse wiped out billions of dollars of investor funds and Quan fled to Montenegro where he was later arrested for possession of falsified official documents. That's it for coin desk daily. Get more updates on and we'll see you next time.

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