JPMorgan analysts report that Bitcoin is increasingly outperforming gold as a hedge against currency depreciation following the Iran conflict. Led by Managing Director Nikolaos Panigirtzoglou, the team highlights that Bitcoin ETFs have seen net inflows for three consecutive months as of May, contrasting with gold ETFs, which have struggled to recover from outflows since March. The analysis indicates a shift in investor preference towards Bitcoin, not only among retail investors but also institutional players. JPMorgan's proxy indicators, including CME Bitcoin futures and offshore perpetual futures, have reached new highs, reflecting increased institutional exposure. Additionally, indirect Bitcoin purchases through Strategy could potentially reach $30 billion this year if current trends continue.