Global investment bank JPMorgan released a report on Thursday, detailing how Donald Trump’s recent victory in the U.S. presidential election may boost both bitcoin and gold investments, aligning with the “debasement trade” approach. This strategy focuses on acquiring assets like gold and bitcoin that tend to hold value in periods of currency devaluation, often spurred by inflation or fiscal policies that expand national debt.

JPMorgan’s managing director Nikolaos Panigirtzoglou explained that Trump’s policies might intensify the debasement trade, influenced by factors such as tariffs, geopolitical strains, and expansive fiscal measures that increase debt. He stated:

We do not see the initial negative market reaction by gold as a rejection of the ‘debasement trade’ under a Trump win. After all, bitcoin, the other component of the ‘debasement trade’ rallied after the Trump win.

Following the election results, bitcoin’s price rose to an all-time high of $76,244 on Nov. 6 before stabilizing at around $75,100.

JPMorgan analysts also foresee further momentum for bitcoin, propelled in part by Microstrategy’s aggressive investment approach, dubbed the “21/21 plan.” This strategy aims to raise $42 billion over three years, with funds split evenly between equity and fixed-income securities. “For 2025 alone MicroStrategy would be investing $10 billion into bitcoin which is roughly equal to its cumulative purchases so far since mid-2020!” the report notes.

The bank additionally highlighted a continued rise in retail investment in both bitcoin and gold, especially through exchange-traded funds (ETFs). Analysts expect this trend, which has accelerated since last summer, to persist into 2025 under Trump’s administration. Central banks are also projected to increase demand for gold as institutions like China’s People’s Bank diversify reserves due to tariffs and geopolitical uncertainties. Panigirtzoglou remarked to The Block:

We are positive on bitcoin into 2025.

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