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JPMorgan analysts say the retreat from the so-called debasement trade has continued for gold and accelerated for bitcoin in recent weeks.
The assessment puts Wall Street's largest bank on record questioning one of $BTC's most frequently cited demand drivers — the idea that investors buy it as a hedge against currency erosion and fiscal excess.
What the Debasement Trade Actually Is The debasement trade is a portfolio strategy built on a simple thesis: when governments run large deficits and central banks expand money supplies, hard assets hold value better than cash.
Gold has been the classic expression of this trade for decades.
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