JPMorgan: Bitcoin May Outperform Gold in the Second Half of 2025
According to JPMorgan analysts, Bitcoin (BTC) may show more upside than gold in the second half of 2025 and could become the new favorite of investors.
The strategy of hedging against value loss (debasement trade), which has become quite popular among investors in recent months, has turned into a game of rotation between gold and Bitcoin. JPMorgan analysts indicate that gold performed better than Bitcoin at the beginning of the year, but the situation has reversed in recent weeks. Particularly, in the last three weeks, Bitcoin has risen by about 18%, while gold prices have declined by nearly 8%.
In the analysts' report, it was stated, "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 upside compared to gold."
Institutional Investments Support Bitcoin
In the recent rise of Bitcoin, the purchases by institutional companies and support from U.S. states have come to the forefront. Especially, companies like MicroStrategy, now known as Strategy, and Metaplanet increasing their Bitcoin purchases positively impact the market. It was mentioned that Strategy aims to purchase a total of $42 billion worth of Bitcoin by 2027 and has currently achieved 60% of this target.
The maturation of cryptocurrency derivative markets in the U.S. and major exchanges like Coinbase and Kraken acquiring significant platforms may enhance institutional investors' confidence in the sector, thereby strengthening interest in Bitcoin.
In light of these developments, JPMorgan analysts expect Bitcoin to perform better than gold in the second half of 2025.
