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

ChainCatcher news, according to The Block, JPMorgan analysts stated that after the Iran conflict, Bitcoin is gradually surpassing gold as a hedge against currency devaluation.

The analysts, led by Managing Director Nikolaos Panigirtzoglou, pointed out that Bitcoin ETF saw inflows for the third consecutive month in May, while gold ETF is still trying to recover funds that flowed out during the outbreak of the Iran conflict in March. This indicates that since the conflict began, retail investors have chosen Bitcoin rather than gold for devaluation hedging. The analysts noted that the buying of Bitcoin is not limited to retail investors via ETFs. JPMorgan’s proxy indicators based on CME Bitcoin futures and offshore perpetual futures positions have also hit new highs, suggesting that institutional investors are likewise increasing their exposure. The momentum signals of both Bitcoin and gold have rebounded since the conflict began. Investors are also buying Bitcoin indirectly through Strategy, and if the company’s purchases continue at the current pace this year, the total could reach about 3 billion dollars.