JPMorgan: Bitcoin May Outperform Gold in the Second Half of 2025 - Coin Bulletin

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According to JPMorgan analysts, Bitcoin (BTC) could rise more than gold in the second half of 2025 and may become the new favorite of investors.

The value loss protection strategy that has become quite popular among investors in recent months, (debasement trade), has turned into an alternating game between gold and Bitcoin. JPMorgan analysts note that at the beginning of the year, gold performed better compared to Bitcoin, but the situation has reversed in recent weeks. Especially in the last three weeks, Bitcoin has increased by approximately 18%, while gold prices have declined by nearly 8%.

In the analysts' report, it was stated that, *"We believe that this zero-sum game between Bitcoin and gold will continue for the remainder of the year. However, due to catalysts specific to the cryptocurrency market, we expect Bitcoin to show more upward movement compared to gold."

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Institutional investments support Bitcoin

Bitcoin's recent rise has been driven by purchases from corporate companies and support from US states. In particular, the increase in Bitcoin purchases by companies such as MicroStrategy's new name Strategy and Metaplanet has a positive effect on the market. Strategy aims to purchase a total of $42 billion in Bitcoin by 2027 and has now achieved 60% of this goal.

Additionally, the moves by U.S. states to create Bitcoin reserves are among the factors driving the market. The state of New Hampshire allows investing up to 5% of its assets in Bitcoin and gold, while the state of Arizona finances its digital asset reserves through staking rewards and airdrops.

The maturation of the crypto derivatives markets in the US and the acquisition of important platforms by major exchanges like Coinbase and Kraken may enhance institutional investors' confidence in the sector, strengthening interest in Bitcoin.

In light of these developments, JPMorgan analysts expect Bitcoin to outperform gold in the second half of 2025.