Andriy Onufriyenko/Getty Investors' growing fears about inflation are behind bitcoin's recent surge, JPMorgan said Wednesday. Its analysts aren't convinced ProShares' first bitcoin ETF is the main reason for the token's rise to all-time highs. "The perception of bitcoin as a better inflation hedge than gold is the main reason for the current upswing," they said. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The perception that bitcoin is a better inflation hedge than gold has been driving the cryptocurrency's latest run higher, not enthusiasm around the launch of the first US bitcoin-linked exchange-traded fund, according to JPMorgan.