JPMORGAN: BITCOIN NOW MORE ATTRACTIVE THAN GOLD LONG TERM
JPMorgan says Bitcoin’s long-term appeal versus gold has improved after gold’s strong outperformance and rising volatility.
Despite recent crypto weakness, liquidations have been modest, though spot Bitcoin ETFs continue to see outflows. The bank notes Bitcoin is now trading well below its estimated production cost of $87,000 — historically a soft floor.
JPMorgan’s key point: Bitcoin’s risk-adjusted profile versus gold has strengthened. Its volatility relative to gold has fallen to a record low, implying significant upside potential over the long term.
New Year's is coming. And everyone's talking about resolutions.
"New year, new me."
"This is my year."
"Fresh start."
I don't believe in any of it.
Not because I'm cynical. But because I've been doing this 15 years.
And I've learned: The calendar changing doesn't change you.
January 1st isn't magic. It's just another day.
If you weren't disciplined on December 31st, you won't be disciplined on January 1st.
If you were breaking your rules last week, you'll break them next week.
The date doesn't matter. Your habits do.
Here's the truth about New Year's resolutions:
They're based on motivation. Not systems.
"I'm going to trade better this year."
"I'm going to follow my plan."
"I'm going to journal every day."
Great intentions. Zero systems.
Motivation fades in 3 weeks. Then you're back to old habits.
Because you didn't change the system. You just felt inspired for a moment.
I don't make New Year's resolutions. I make New Year's systems.
What process will I implement? What rule will I enforce? What safeguard will I add?
Not "I'll be more disciplined." But "I'll close my laptop after 2 wins. No exceptions."
That's a system. It doesn't require motivation. It's just a rule.
And rules work when motivation doesn't.
Here's my approach to New Year's:
I review last year. What worked? What didn't? What will I stop doing? What will I start?
Then I build systems around those insights.
Not goals. Systems.
Last year I lost $800k in one day because I got cocky after a winning streak.
A New Year's system could be: After any day I make $200k+, the next day I reduce position size by 50%. (Just an example!)
That's not a resolution. That's a rule that prevents the same mistake.
Another example: I noticed I overtrade on Mondays. Too aggressive coming off the weekend.
My New Year's system could be: No trades in the first hour on Mondays. Just watch.
Again, not a resolution. A system.
Systems remove decisions. They automate discipline.
So when January 1st comes, I'm not relying on "new year energy" to be better.
I'm relying on new systems to make being better automatic.
Most traders approach New Year's like: "This is my fresh start. I'm going to be different."
But they don't change anything about how they operate.
Same wake-up time. Same preparation. Same execution standards.
Just more "motivation."
That lasts until the first big loss. Then they're back to old patterns.
Here's my advice for New Year's:
Don't make resolutions. Build systems.
Want to journal more? Don't say "I'll journal every day."
Create a system: "I can't close my trading platform until I've logged the trade in my journal."
Want to follow your stop losses? Don't say "I'll be more disciplined."
Create a system: "If I even think about moving my stop, I close the position immediately."
Want to overtrade less? Don't say "I'll be more patient."
Create a system: "After 2 winning trades, I close the laptop for 1 hour minimum."
Systems beat resolutions. Every time.
Because systems work when you're tired. When you're emotional. When motivation is gone.
Resolutions require you to be your best self every day.
Systems work even when you're your worst self.
That's the difference.
So this New Year's, forget the resolutions.
Build the systems.
Review 2025. What mistakes did you repeat? What rules did you break?
Turn those into systems for 2026.
Not "I won't do that again." But "Here's the automatic process that prevents me from doing it."
That's how you actually improve. Not through inspiration. Through automation.
New Year's isn't a fresh start. It's just another day.
But if you use it to build better systems, it can be the beginning of better results.
Not because the date changed. But because your process did.
That's the only reset that matters.