The so-called "depreciation trade" pouring into gold and bitcoin will "persist" as investors brace for continued geopolitical uncertainty, JPMorgan said in a research note. Gold and bitcoin "appear to have become structurally more important components of investors' portfolios" as investors increasingly look for tools to hedge against geopolitical risk and inflation, the bank said, citing "record capital inflows into the cryptocurrency market in 2024". JPMorgan said the "depreciation trade" refers to the growing demand for gold and bitcoin due to a variety of factors, including "structurally higher geopolitical uncertainty since 2022, continued high levels of uncertainty about the long-term inflation outlook, and concerns about'debt devaluation 'due to persistently high government deficits in major economies".