According to online reports, analysts at JPMorgan Chase said that Bitcoin's positioning as a "digital gold" is under pressure, while demand for gold continues to be strong. "Bitcoin's volatility and correlation with stocks have raised questions about its claim to 'digital gold'." "Looking forward, we believe gold will continue to rise and become the main beneficiary of devaluation transactions." Devaluation trading is a strategy that focuses on purchasing assets such as gold and bitcoin to hedge against inflation, long-term debt and the devaluation of fiat currencies. Analysts said the sharp rise in gold prices to above $3,100 an ounce this year reflects an "intensification" of devaluation transactions-which means investors are increasingly favoring gold over Bitcoin.