If inflation rises. Prices trend upwards. And concerns about lockdowns coupled with stimulus spending mount. Employees and the private sector will naturally embrace previous metals and BTC in an effort to insulate themselves from negative effects associated with fiat devaluation, inflation and stimulus spending.
People might flee from the stock market (and cash) to precious metals, but I'm not sure if bitcoin is really considered a safe-haven asset that investors go to when they're looking to preserve their purchasing power. Sure, it might seem all rosy right now when bitcoin is hitting all-time highs weekly, but we all know how volatile it is--especially compared to metals.
And yeah, JP Morgan can certainly be wrong here. They've been wrong plenty of times in the past and will be wrong many more times in the future. They don't have the market cornered on crystal balls.