PANews reported on May 8th, citing The Block, that JPMorgan analysts stated Bitcoin is gradually surpassing gold as a hedge against currency devaluation following the Iranian conflict. Analysts led by Managing Director Nikolaos Panigirtzoglou pointed out that Bitcoin ETFs recorded inflows for the third consecutive month in May, while gold ETFs are still struggling to recover funds lost during the March outbreak of the Iranian conflict. This indicates that since the start of the conflict, retail investors have been choosing Bitcoin over gold in their devaluation hedging strategies.

Analysts say that Bitcoin buying isn't limited to retail investors through ETFs. JPMorgan's position proxy indicator based on CME Bitcoin futures and offshore perpetual futures is also hitting new highs, indicating that institutional investors are also increasing their exposure. Momentum signals for both Bitcoin and gold have also rebounded since the start of the conflict. Investors are also indirectly buying Bitcoin through Strategy, whose purchases this year could reach approximately $30 billion if it continues at the current pace.