【JPMorgan: 'Devaluation Trade' Will Continue as the Structural Importance of Bitcoin and Gold Increases】According to a report on Friday by JPMorgan analysts led by Nikolaos Panigirtzoglou, "the appreciation of gold prices over the past year has far exceeded what would be implied by changes in the dollar and real bond yields, likely reflecting the re-emergence of this 'devaluation trade.'" They added that the record capital inflows into the cryptocurrency market in 2024 indicate that Bitcoin is also becoming "a more important component" of investors' portfolios. The devaluation trade refers to a strategy where investors turn to assets like gold and Bitcoin to hedge against the devaluation of fiat currencies, which is often driven by factors such as inflation, rising government debt, and geopolitical instability.