JPMorgan: Bitcoin May Outperform Gold in the Second Half of 2025
Analysts at JPMorgan have stated that Bitcoin may continue to rise at the expense of gold in the second half of 2025, supported by corporate purchases and increasing backing from the United States.
JPMorgan analysts, led by Managing Director Nikolaos Panigirtzoglou, wrote an analytical report on gold and Bitcoin prices: "Between mid-February and mid-April, the price of gold rose at the expense of Bitcoin, while we have noticed the opposite in the past three weeks, namely the rise in the price of Bitcoin at the expense of gold."
They added: "Overall, we expect the zero-sum game between gold and Bitcoin to extend until the end of the year, but we lean towards crypto-specific catalysts, increasing the chances of Bitcoin's price rising compared to gold in the second half of 2025."
The price of gold has declined by about 8%, while the price of Bitcoin has risen by 18% since the beginning of May, as analysts say this shift is also evident in investor flows, with money moving from gold exchange-traded funds to spot Bitcoin funds during the past period.
