JPMorgan: After the Iran conflict, Bitcoin as a currency devaluation hedge is gradually surpassing gold

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Mars Finance News, according to The Block, reports that JPMorgan analysts say Bitcoin is gradually surpassing gold as a currency devaluation hedge after the Iran conflict. The analysts, led by Managing Director Nikolaos Panigirtzoglou, pointed out that Bitcoin ETFs have recorded inflows for a third consecutive month in May, while gold ETFs are still struggling to recoup the funds that flowed out when the Iran conflict broke out in March. This suggests that since the conflict began, retail investors are choosing Bitcoin over gold for devaluation-hedging trades. The analysts said that Bitcoin buying is not limited to retail investors via ETFs. JPMorgan’s proxy indicators based on CME Bitcoin futures and offshore perpetual futures positions have also been hitting new highs, indicating that institutional investors are likewise increasing exposure. Momentum signals for both Bitcoin and gold have also rebounded since the conflict started. Investors are also indirectly buying Bitcoin through Strategy, and if the company’s purchases this year maintain the current pace, they could reach about $30 billion.

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