JPMorgan (NYSE:JPM) analysts say simultaneous outflows from Bitcoin (CRYPTO: BTC) and gold ETFs over the past two weeks signal the debasement trade is cooling, not a rotation from Bitcoin into gold.
Iran-US Peace Hopes Pulling Money Out Of Both Assets
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The debasement trade refers to buying Bitcoin and gold as hedges against geopolitical instability, currency weakness, and inflation.
JPMorgan managing director Nikolaos Panigirtzoglou wrote in a report that the outflows appear linked to growing hopes for an Iran-US deal rather than any shift in preference between the two assets.
