Geopolitical tensions and the upcoming US presidential election are likely supports ‘decline trading’, and this benefits bitcoin and goldJPMorgan said in a research report Wednesday. “A Trump victory in particular, in addition to supporting bitcoin from a regulatory standpoint, would likely strengthen the ‘debasement trade’ both through tariffs (geopolitical tensions) and through expansionary fiscal policy (“debt debasement”),” the analyst wrote. If the “Trump trade” plays out in a similar way to 2016, there will be higher U.S. Treasury yields, a stronger dollar, outperformance of the U.S. stock market, especially banks, and tighter credit spreads, JPMorgan said . This shift has not yet occurred, only a slight move higher has been seen in these markets.