Golden Finance reported that JPMorgan Chase pointed out in a research report that the so-called "depreciation trade" pouring into gold and Bitcoin will "continue" as investors prepare for continued geopolitical uncertainty. The bank said that gold and Bitcoin "appear to have structurally become a more important component of investor portfolios" as investors increasingly seek tools to hedge against geopolitical risks and inflation, citing "2024 Cryptocurrency market sees record capital inflows in 2020." JPMorgan said the "depreciation trade" refers to a combination of factors including "structurally higher geopolitical uncertainty from 2022, continued high uncertainty about the long-term inflation outlook, and continued concerns about major economies." "Concerns about 'debt devaluation' caused by high government deficits", etc.) have led to growing demand for gold and Bitcoin.