In a note on Tuesday reported by Reuters, the analysts drew attention to bitcoin (BTC, +4.97%)‘s high volatility relative to gold, the classic inflation hedge, as an obstacle to significant gains beyond current levels around $51,000.

“Bitcoin’s three-month realized volatility, or actual price moves, is 87% versus 16% for gold – an asset, proponents say it could threaten,” the investment bank said.

While bitcoin is increasingly described as “digital gold,” skeptics believe the cryptocurrency is too volatile to find wide acceptance in institutional portfolios. Even so, several publicly listed companies such as Tesla and MicroStrategy have diversified cash holdings into bitcoin over recent months.

Also read: Bitcoin Hits New High Above $51K, Shrugging Off Rising Bond Yields

While crypto traders suggest other prominent companies are likely to follow suit, JPMorgan also said recently that bitcoin’s turbulent price action may keep corporates from emulating Tesla’s move – a sentiment echoed by Wedbush Securities on Tuesday.

Bitcoin reached a new lifetime high of $51,735 early on Wednesday, taking the year-to-date gain to over 75%, according to CoinDesk 20 data.