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Cover image for JPMorgan: Bitcoin is Now a More Attractive Investment Than Gold Long Term

JPMorgan: Bitcoin is Now a More Attractive Investment Than Gold Long Term

Bitcoin Magazine JPMorgan: Bitcoin is Now a More Attractive Investment Than Gold Long Term Bitcoin’s long-term investment case relative to gold has strengthened, according to JPMorgan, even as the cryptocurrency suffers one of the sharpest market pullbacks in its history. In a new note, JPMorgan analysts reportedly said Bitcoin’s risk-adjusted profile versus gold has improved after gold’s strong outperformance over the past year and a notable rise in volatility for the traditional safe-haven asset. The divergence between the two assets has been stark. Since October 2025, gold has climbed roughly a third, while BTC has fallen nearly 50% from its peak above $126,000. The downturn marks four consecutive months of declines — a stretch not seen since before the pandemic. Gold rose more than 60% in 2025, driven by central bank buying and renewed safe-haven demand, while BTC struggled to maintain momentum and underperformed many risk assets. Still, JPMorgan global markets strategist Nikolaos Panigirtzoglou argued that gold’s rally has come with a key shift: rising volatility. That has narrowed the perceived risk gap between the metal and BTC. The bank highlighted that Bitcoin’s volatility relative to gold has fallen to a record low, with the bitcoin-to-gold volatility ratio drifting toward 1.5. Panigirtzoglou suggested that, on a volatility-adjusted basis, Bitcoin’s market capitalization would need to rise dramatically — theoretically implying a price near $266,000 — to match private sector investment levels in gold. While he acknowledged such targets are unrealistic in the near term, the comparison underscores what JPMorgan views as significant upside potential over the long run once negative sentiment fades. Bitcoin is currently crashing The note comes as Bitcoin’s price crashed sharply Thursday, dipping to $65,000 in volatile trading — marking what appears to be the largest absolute dollar drawdown on record. From its October highs, BTC has retraced roughly $62,000, eclipsing prior nominal declines seen in 2018 and 2022, according to Bitcoin Magazine Pro data. JPMorgan also pointed out that BTC is now trading well below its estimated production cost of $87,000 — historically seen as a soft floor. Analysts noted that sustained prices under production cost could force inefficient miners out, eventually lowering the network’s marginal cost base. Despite the downturn, JPMorgan said liquidation activity has remained modest compared with past crashes, though U.S.-listed spot Bitcoin ETFs continue to see persistent outflows. U.S. spot BTC ETFs saw more than $3 billion exit last month, following around $2 billion in December and $7 billion in November, the report added. At the time of writing, BTC is trading near $66,000. This post JPMorgan: Bitcoin is Now a More Attractive Investment Than Gold Long Term first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Bitcoin Price Teeters Near $90,000 as Early-2026 Rally Falters

Bitcoin Price Teeters Near $90,000 as Early-2026 Rally Falters

Bitcoin Magazine Bitcoin Price Teeters Near $90,000 as Early-2026 Rally Falters Bitcoin hovered just below the $91,000 level today, paring recent gains after an explosive start to the new year that briefly pushed prices toward fresh seven-day highs. The bitcoin price was trading around $90,815, down roughly 1% over the past 24 hours, according to market data. Daily trading volume stood near $52 billion, while bitcoin’s total market capitalization slipped to about $1.82 trillion, also down around 1% on the day. The pullback leaves the bitcoin price roughly 3% below its recent seven-day high near $94,700, after prices surged more than 8% in the first days of 2026. That rally carried the bitcoin price above $94,000 earlier this week, fueled by renewed ETF inflows, bullish options positioning and a resurgence of the geopolitical hedge narrative. Bitcoin’s circulating supply now stands at 19.97 million BTC, inching closer to its fixed cap of 21 million coins. The latest move marks a pause after bitcoin broke out of a multi-week consolidation range that capped prices through much of December. The $91,000 level, which previously acted as resistance, has now become a key short-term support zone as traders reassess momentum. Market participants say the retreat reflects profit-taking rather than a decisive shift in trend, particularly after last week’s rapid upside move. From a technical perspective, a sustained break below $91,000 could expose deeper support near $87,000, while a move back above $94,000 would reopen the path toward resistance in the $98,000–$100,000 range. Bitcoin price volatility looms ahead of January 9 Beyond near-term technicals, traders are increasingly focused on macro catalysts — particularly a U.S. Supreme Court ruling scheduled for January 9 on the legality of President Donald Trump’s global tariffs. Prediction markets suggest a high probability the court will strike down the tariffs, a decision that could force the U.S. Treasury to refund as much as $133–$140 billion to importers. Such an outcome could inject volatility across equities, bonds and crypto markets simultaneously. Bitcoin, which has shown heightened sensitivity to macro and policy shocks, could see sharp price swings depending on how markets reprice fiscal risk and liquidity conditions. Despite near-term uncertainty, broader bullish signals remain in place. Bitcoin ETFs recently recorded their strongest daily inflows since October, while options markets continue to show heavy positioning for higher prices later in the year. At the time of writing, the bitcoin price is at $90,860.10. This post Bitcoin Price Teeters Near $90,000 as Early-2026 Rally Falters first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Alleged Bitcoin Ransom Deepens Mystery in Nancy Guthrie Disappearance

Alleged Bitcoin Ransom Deepens Mystery in Nancy Guthrie Disappearance

Bitcoin Magazine Alleged Bitcoin Ransom Deepens Mystery in Nancy Guthrie Disappearance The disappearance of 84-year-old Nancy Guthrie, mother of Today show co-host Savannah Guthrie, has taken a dramatic turn after what appears to be a bitcoin ransom demand surfaced amid a widespread and intensifying investigation into her possible kidnapping. Late Tuesday, entertainment news site TMZ reported it had received an alleged ransom note demanding a specific, substantial payment in Bitcoin — reportedly in the millions — in exchange for Guthrie’s safe return. The note included a deadline for payment and a threat of harm if the demand was not met, and was sent with a Bitcoin wallet address that TMZ verified as a real on-chain account. The alleged ransom note also referenced specific details about Nancy Guthrie’s clothing and damage to her Tucson-area home. Pima County Sheriff Chris Nanos confirmed law enforcement is aware of reports about possible ransom notes circulating in the investigation, but emphasized that the authenticity of these notes has not been verified. Authorities stressed that they are taking all tips and leads seriously and are coordinating with the FBI on the case. The Nancy Guthrie kidnapping investigation Nancy Guthrie was reported missing on February 1, after failing to show up at church in her Catalina Foothills neighborhood. Authorities believe she was taken from her home sometime late Saturday night or early Sunday morning. Evidence collected at the scene has raised serious concerns: signs of forced entry, a blood trail outside the home, and personal effects left behind suggest foul play rather than a voluntary disappearance. Sheriff Nanos, while declining to disclose the number of possible suspects or further details about the investigation, has said that the absence of life-sustaining medication and Guthrie’s limited mobility make her safe return a priority. The FBI is assisting local authorities, and investigators are interviewing friends, neighbors, and family members as part of a broad search effort. Guthrie’s daughter, Savannah, has taken an immediate leave from Today show duties and canceled scheduled appearances, including travel for the 2026 Winter Olympics broadcast, to focus on her family’s search. Despite the viral nature of the ransom demand, law enforcement sources have been cautious: no official confirmation has been made that the ransom note came from the actual kidnappers. Some investigators and analysts have noted that opportunistic hoaxes can occur in high-profile cases, and that media outlets receiving such notes should treat them skeptically until corroborated by police. This post Alleged Bitcoin Ransom Deepens Mystery in Nancy Guthrie Disappearance first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Bitcoin Price Crashes to $107,000 As Fear Index Flirts With “Extreme Fear”

Bitcoin Price Crashes to $107,000 As Fear Index Flirts With “Extreme Fear”

Bitcoin Magazine Bitcoin Price Crashes to $107,000 As Fear Index Flirts With “Extreme Fear” Bitcoin price has tumbled to the $107,000 range as all markets enter a phase of pronounced caution. According to the Bitcoin Fear & Greed Index, sentiment currently sits at 28/100, firmly in the ‘Fear’ category. The market would enter the ‘Extreme Fear’ category if the sentiment fell below 25/100. The index, which gauges market emotion on a scale from 0 (extreme fear) to 100 (extreme greed), is a barometer for investor sentiment, highlighting periods when Bitcoin may be undervalued or overextended. The current “fear” in the market and ensuing sell-off may be linked to a rising trade tension between the U.S. and China. President Donald Trump is set to address the nation from the Oval Office on Thursday at 3 p.m. EST, though details about the announcement remain unknown. The Fear & Greed Index has become a popular tool for investors and traders seeking to separate their own emotions from broader market movements. When fear dominates, it’s often a signal for buying opportunities, as investors may be overreacting to price dips. Conversely, periods of extreme greed can indicate overheating and heightened risk. For context, when bitcoin was priced above $124,000 almost two weeks ago, the index was priced above 70, which would be in the ‘greed’ category, according to Bitcoin Magazine Pro data. JUST IN: #Bitcoin dips to $108,765 HODL pic.twitter.com/l0lYtnihrr — Bitcoin Magazine (@BitcoinMagazine) October 16, 2025 Bitcoin price recently Bitcoin’s recent pullback follows a volatile stretch in which the asset surged to all-time highs before retreating. Over the past several days, Bitcoin has hovered between $110,000 and $112,000, bouncing from oversold levels on the Advanced NVT Signal for the first time since the $75,000 mark. According to Bitcoin Magazine Pro, these readings suggest Bitcoin may be temporarily undervalued relative to its network activity. As fear dominates the market, traders may be reluctant to commit capital, keeping Bitcoin in a range-bound pattern. In stark contrast, gold continues its meteoric rise, hitting new all-time highs near $4,270 per ounce. The metal’s year-to-date gain of nearly 60% has outpaced Bitcoin’s roughly 20% growth, reinforcing its status as a safe-haven asset. Right now, the diverging trajectories of Bitcoin and gold illustrate the split between risk-on and risk-off assets. Bitcoin’s Fear & Greed Index reading of 28 really shows heightened market anxiety, while gold continues to attract investors seeking stability. This post Bitcoin Price Crashes to $107,000 As Fear Index Flirts With “Extreme Fear” first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Tether Donates $250K to OpenSats to Support Bitcoin and Freedom Tech

Tether Donates $250K to OpenSats to Support Bitcoin and Freedom Tech

Bitcoin Magazine Tether Donates $250K to OpenSats to Support Bitcoin and Freedom Tech Tether, the largest company in the digital assets space, announced a $250,000 donation to OpenSats, a 501(c)(3) charity that funds projects strengthening Bitcoin and open, censorship-resistant technologies. The donation will support OpenSats’ operations and grant-making efforts. It will help fund free and open-source initiatives, including protocol development, privacy tools, research, and education, Tether said. OpenSats directs 100% of donations to grantees, keeping operational costs separate to maintain transparency. “We at Tether believe that Bitcoin, and the free, open-source software that powers it, are indispensable to a freer and decentralized future,” said Paolo Ardoino, CEO of Tether. “OpenSats is on the front line supporting the continued growth of this ecosystem by funding the next generation of innovators, and we are proud to support their work.” Founded to create a sustainable funding model for Bitcoin and open-source software contributors, OpenSats allows donors to support specific projects or contribute to a general fund. Grants are reviewed and awarded by a nine-member board. Funding targets high-impact projects and a range of contributors, including developers, researchers, educators, designers, and reviewers, all working to strengthen and expand access to the Bitcoin ecosystem. “OpenSats has provided over 300 grants to developers working on freedom tech projects. Support from Tether will help us continue to scale our mission globally,” said Matt Odell, co-founder of OpenSats. Tether and bitcoin Tether recently purchased nearly 8,889 bitcoin, adding over $1 billion worth of the asset at the time to its balance sheet and bringing its total holdings to more than 86,000 BTC. The company continued its strategy of diversifying reserves into hard assets, including gold, agriculture, and stakes in firms like Adecoagro, while positioning bitcoin as a long-term hedge. The acquisition coincided with Tether pursuing a $15–20 billion fundraising round, potentially valuing the company near $500 billion. Tether was reportedly in talks to raise up to $20 billion for a 3% stake, implying a valuation near $500 billion, putting it alongside companies like SpaceX and OpenAI. Tether is the company behind the world’s largest stablecoin, USDT, which is pegged to the U.S. dollar and aims to provide a stable digital representation of traditional currency on blockchain. Cantor Fitzgerald was said to be advising on the Tether fundraising round, which would involve new equity from outside the company rather than existing shareholders selling their stakes. This post Tether Donates $250K to OpenSats to Support Bitcoin and Freedom Tech first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal

Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal

Bitcoin Magazine Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal Crypto lender Ledn Inc. has sold $188 million in securitized bonds backed by Bitcoin-linked loans, marking a first-of-its-kind deal in the asset-backed debt market. The transaction includes two bond tranches, according to Bloomberg, one of which received an investment-grade rating and priced at a spread of 335 basis points over the benchmark rate, according to people familiar with the matter. Jefferies Financial Group Inc. served as the sole structuring agent and bookrunner. The bonds are secured by a pool of more than 5,400 consumer loans issued by Ledn, where borrowers used their Bitcoin holdings as collateral, according to an S&P Global Ratings report. The loans carry a weighted average interest rate of 11.8%. Bitcoin’s price volatility remains a central risk. Loans tied to the cryptocurrency can fall underwater if prices decline sharply. JUST IN: Crypto lending firm Ledn sold $188 million of securitized bonds backed by Bitcoin, making it the first ever BTC deal in the market for asset-backed debt — Bloomberg — Bitcoin Magazine (@BitcoinMagazine) February 18, 2026 S&P’s Ledn bitcoin bond ratings S&P said investors may be partly protected because Ledn uses algorithmic liquidation to sell Bitcoin collateral when a default trigger is reached, applying the proceeds to repay outstanding loans. The report noted that bitcoin’s sharp decline in early February forced Ledn to liquidate a “significant share” of loans slated for the deal. S&P said all liquidations were executed below an 81.4% LTV threshold, shifting the portfolio mix toward fewer loans and more cash in the funding account, while keeping the total collateral package at $200 million. S&P’s analysis focused on borrower default behavior, recovery rates during liquidation, and concentration risk. The agency said margin-driven defaults represent the most acute stress scenario because liquidations occur when bitcoin prices are falling, potentially into thin or volatile markets where execution slippage matters most. Because Ledn underwrites loans primarily based on bitcoin collateral rather than borrower credit profiles, S&P said traditional consumer loan performance metrics are limited. At the ‘A’ stress level, the agency applied a conservative 100% default assumption, with modeled stresses for the rated notes including a 79% default rate and 68% recovery for the BBB- class A tranche. S&P highlighted structural mitigants including overcollateralization, early amortization triggers, a liquidity reserve funded at 5% of note balance, and Ledn’s automated liquidation engine, which it said has successfully liquidated 7,493 loans over seven years without principal losses. Ledn plans to require cash interest payments for renewals starting in 2027, which S&P said reduces liquidity stress over time. Bitcoin has since recovered modestly but remains about 46% below its October high, trading near $66,000 today. This post Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Cover image for Rhode Island Reintroduces Bitcoin Tax Exemption Bill for Second Straight Year

Rhode Island Reintroduces Bitcoin Tax Exemption Bill for Second Straight Year

Bitcoin Magazine Rhode Island Reintroduces Bitcoin Tax Exemption Bill for Second Straight Year Rhode Island lawmakers have introduced a bill that would temporarily exempt small-scale Bitcoin transactions from state income taxes, marking the second consecutive year legislators have proposed the measure as somewhat of a pilot program to reduce tax friction on everyday Bitcoin use. Senate Bill S2021, introduced on January 9 by Senator Peter A. Appollonio and referred to the Senate Finance Committee, would create a limited income tax exemption for Bitcoin transactions conducted by Rhode Island residents and Rhode Island–based businesses. Under the proposal, Bitcoin sales or exchanges would be exempt from state income and capital gains taxes up to $5,000 per month, with a $20,000 annual cap. The bill amends Rhode Island’s personal income tax code by adding a new section specifically addressing Bitcoin. It defines Bitcoin as a “digital, decentralized currency based on blockchain technology,” and applies the exemption to both individuals residing in the state and businesses that are based and operate primarily within Rhode Island. If passed, qualifying Bitcoin transactions below the exemption thresholds would not be included in taxable income for state purposes. Taxpayers would be allowed to self-certify eligibility on their annual state tax returns and would not be required to report individual transactions, provided they maintain reasonable records demonstrating compliance with the annual limit. Those records would only need to be produced if requested by the state for audit purposes. The legislation also directs Rhode Island’s Department of Business Regulation to issue plain-language guidance outlining acceptable recordkeeping practices and valuation methods, using publicly available Bitcoin price indices to determine market value at the time of each transaction. It’s important to note that the proposal is explicitly temporary. The exemption would take effect on January 1, 2027, and sunset on January 1, 2028, unless extended or amended by the General Assembly after reviewing its fiscal and economic impact, per the bill. Lawmakers characterize the measure as a practical program aimed at treating digital money more like traditional money for small, everyday transactions rather than speculative investments. Other states like Rhode Island taking on pro-bitcoin initiatives Only a handful of U.S. states have taken steps similar to Rhode Island’s proposed Bitcoin tax exemption, and most stop well short of treating Bitcoin like everyday money. Ohio is a close comparison, which is trying to adopt a narrow “de minimis” exemption that removes state capital gains taxes on small crypto purchases under a low dollar threshold. New Hampshire is another state actively championing Bitcoin. In May 2025, New Hampshire became the first U.S. state to allow its treasury to invest in Bitcoin and other large-cap digital assets, authorizing up to 5% of certain public funds to be allocated into crypto under House Bill 302. Bitcoin currently qualifies under the market-cap rule. This post Rhode Island Reintroduces Bitcoin Tax Exemption Bill for Second Straight Year first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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