Investors are turning to gold and Bitcoin (BTC) in a so-called "depreciation trade" amid rising geopolitical tensions, JPMorgan reports. 📉

- Demand for gold and BTC is rising due to inflation uncertainty and high government deficits.

- Open interest in BTC futures on CME has grown from 10,000 to 40,000 contracts.

- Investors see gold and BTC as similar assets.

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