Geopolitical risk and the upcoming U.S. election are likely to reinforce the 'debasement trade,' to the benefit of both bitcoin and gold, the report said.

• Bitcoin and gold to benefit from growing geopolitical tension and the U.S. election, the report said.
• JPMorgan said a Trump election win would likely reinforce the 'debasement trade.'
• Markets have not yet priced in a Trump victory, the bank said.

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