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JPMorgan’s latest report indicates that since the outbreak of the Iran conflict, Bitcoin has surpassed gold, becoming investors’ go-to tool for hedging against currency devaluation—Bitcoin ETFs have recorded net inflows for three consecutive months, while gold ETFs are still trying to recover the funding they lost in March.
Devaluation trades rotating from gold to Bitcoin
In its latest research report, a team of JPMorgan analysts led by Nikolaos Panigirtzoglou pointed out that “debasement trades are rotating from gold to Bitcoin.” The so-called debasement trade refers to a strategy in which investors allocate capital to assets viewed as stores of value (such as gold or Bitcoin) to counter fiat currency devaluation or inflation risks amid geopolitical pressures.
The analysts believe that Bitcoin ETFs have recorded net inflows for a third consecutive month in May, while gold ETFs have still not recovered the assets that exited in March (after the outbreak of the Iran conflict), suggesting that investors are reshuffling their hedging asset portfolios.