JPMorgan stated in a research report that as investors prepare for ongoing geopolitical uncertainty, the so-called "devaluation trades" flowing into gold and Bitcoin will "persist."

The bank noted that as investors increasingly seek tools to hedge against geopolitical risks and inflation, gold and Bitcoin "seem to have structurally become more important components of investor portfolios," citing "record capital inflows into the cryptocurrency market in 2024."

JPMorgan indicated that "devaluation trades" refer to the growing demand for gold and Bitcoin driven by various factors, including "structurally higher geopolitical uncertainty since 2022, continued high uncertainty regarding the long-term inflation outlook, and concerns about 'debt devaluation' stemming from persistently high government deficits in major economies."