Smart institutional money prefers bitcoin to gold. Bullish on Bitcoin In a research note published on Friday, JPMorgan analysts noted that an increasing number of institutional investors, including family offices, are considering looking at bitcoin as a legitimate alternative to gold. According to the note, JPMorgan analysts found that through October, Grayscale’s bitcoin trust witnessed strong cumulative inflows. At the same time, gold exchange-trade funds (ETFs) saw “modest outflows” since October. The analysts said, “This contrast lends support to the idea that some investors that previously invested in gold ETFs…