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JPMorgan: After the Iran conflict, Bitcoin as a currency devaluation hedge is gradually surpassing gold
Goldmoney reports that on May 8th, JPMorgan analysts stated that Bitcoin is gradually surpassing gold as a currency devaluation hedge following the Iran conflict.
Led by Managing Director Nikolaos Panigirtzoglou, the analysts pointed out that Bitcoin ETFs have seen inflows for three consecutive months in May, while gold ETFs are still struggling to recover the funds lost during the outbreak of the Iran conflict in March.
This indicates that since the conflict began, retail investors have been choosing Bitcoin over gold for devaluation hedging trades.
The analysts said that Bitcoin purchases are not limited to retail investors through ETFs.
JPMorgan’s proxy indicators based on CME Bitcoin futures and offshore perpetual futures holdings are also reaching new highs, suggesting that institutional investors are also increasing their exposure.
Momentum signals for Bitcoin and gold have also rebounded since the conflict started.
Investors are also indirectly buying Bitcoin through Strategy, which could reach about $30 billion in purchases this year if current pace continues.