JPMorgan has a blunt new message for gold investors

Analysts at JPMorgan Chase, the world's largest bank in terms of market capitalization, said that Bitcoin (BTC) is gaining over gold as the debasement trade after the war between the United States and Iran.

The indicator the analysts picked to make the argument is exchange-traded funds (ETFs). As per them, Bitcoin ETFs have continued to witness inflows, but gold ETFs still can't recover from the March outflows.

As per SoSoValue, only one week toward the end of March suffered a net outflow.

Though the weekly inflows have often dipped since the beginning of the war, the recent weeks have seen relatively better performances.

Related: Another crypto company dumps Bitcoin amid price crash

The JPMorgan analysts concluded that data suggests the retail investors are picking Bitcoin over gold as a "debasement trade" since the beginning of the Iran war.

Moreover, the demand for Bitcoin isn't limited to retail ETF buying but institutional buying through CME futures and offshore perpetual futures has also been hitting new records, the analysts underlined.

The analysts also added that Bitcoin’s market momentum has been better than gold since the Iran war.

They also underlined the role of digital asset treasuries (DATs) like Michael Saylor's Strategy (Nasdaq: MSTR), whose ownership is almost equally split between retail and institutional investors, in "indirectly" purchasing Bitcoin.

However, the quarterly losses have prompted Strategy to even consider selling Bitcoin.

Another crypto company dumps Bitcoin amid price crash

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Since the war began on Feb. 28, gold's price has declined from nearly $5,300 per ounce to a little below $4,700 per ounce currently.

On the other hand, Bitcoin's price has risen from around $65,000 to nearly $80,000 now during the same period.

Related: Billionaire investor predicts $1M for Bitcoin after calling market bottom

This story was originally published by TheStreet on May 8, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.