**Founders: JPM says BTC Not Cannibalizing GLD

Institutional Analysis

Housekeeping: A similar version will go out to Premium minus Sections 8, 9 and 10.

***THERE IS NO FOUNDERS SUNDAY DISCUSSION TODAY LOOK FOR A COT/CTA RUN THROUGH POST LATER ON***

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TL;DR

• Q: Are investors shifting from gold to bitcoin?

• A: No. They are buying both

Contents:

1. Summary in Three Charts

2. JPM’s Thesis Stated

3. BTC ETFs are Not Cannibalizing Gold Investment

4. Gold Investors Shun ETFs for Physical Since Pandemic

5. Some BTC Spot ETF Flows are Coming From Other Exchanges

6. Retail is a Net Buyer of Gold Despite GLD Holdings

7. About Microstrategy’s Levered Bet on Bitcoin

8. Full PDF

9. Founders Comment

10. JPM Fud Starts, Gov’ts Role, Greenspan’s legacy, and Saylor may be at Risk Now