According to Odaily, analysts from JPMorgan, led by Nikolaos Panigirtzoglou, reported on Friday that the appreciation of gold over the past year has significantly exceeded the trends suggested by changes in the US dollar and real bond yields. This likely reflects the resurgence of a 'devaluation trade,' where investors turn to assets like gold and Bitcoin to hedge against the depreciation of fiat currencies. Such depreciation is often driven by factors like inflation, rising government debt, and geopolitical instability. The analysts also noted that record capital inflows into the cryptocurrency market in 2024 indicate that Bitcoin is becoming a more significant component of investors' portfolios.

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