JPMorgan Chase: Bitcoin showed stronger safe-haven properties than gold and silver during the Iran conflict

JPMorgan Chase said that in the context of the recent conflict in Iran, Bitcoin has shown characteristics similar to safe-haven assets and shown greater resilience than gold and silver. Data shows that gold prices have fallen by about 15%, while gold ETFs have experienced nearly US$11 billion in capital outflows, and the previously accumulated capital inflows of silver ETFs have been basically completely retracted. In contrast, Bitcoin experienced net inflows over the same period, showing relative strength. The analysis pointed out that gold and silver had been at high levels before. As interest rates rose and the US dollar strengthened, the market experienced profit-taking and position retractions. Bitcoin, on the other hand, attracts capital inflows at this stage, showing different capital behavior from traditional safe-haven assets. In addition, online data shows that encryption activity in Iran increased significantly during the conflict, with users transferring funds to self-managed wallets and overseas platforms. JPMorgan believes that Bitcoin has the characteristics of strong cross-border liquidity, support for self-custody, and 7×24-hour transactions, making it an important fund transfer tool in an environment of economic instability and capital control.