Bitcoin Gains Favor Over Gold as a Hedge Against Currency Devaluation

Bitcoin is increasingly being favored over gold as a tool for hedging against currency devaluation, according to analysts at JPMorgan. According to PANews, Nikolaos Panigirtzoglou, Managing Director at JPMorgan, noted that Bitcoin ETFs have seen inflows for the third consecutive month in May, while gold ETFs are still recovering from outflows experienced during the onset of the Iran conflict in March. This trend indicates that retail investors are opting for Bitcoin over gold in devaluation hedge trades. The analysts also highlighted that Bitcoin purchases are not limited to retail investors through ETFs. JPMorgan's proxy indicators based on CME Bitcoin futures and offshore perpetual futures positions have reached new highs, suggesting that institutional investors are also increasing their exposure. Additionally, momentum signals for both Bitcoin and gold have rebounded since the conflict began.