JPMorgan analysts say that Bitcoin may surpass gold in the second half of 2025.
Analysts believe that factors such as increased corporate demand and greater support from various U.S. states will drive Bitcoin's performance to exceed that of gold, with both in a zero-sum game, as funds flow from gold ETFs to Bitcoin.
Recent data shows that since April 22, gold has dropped nearly 8%, while Bitcoin has risen 18%. On the corporate side, Strategy plans to raise $84 billion to buy Bitcoin, and Metaplanet BTC's holdings have increased 3.9 times.
States like New Hampshire and Arizona in the U.S. are actively embracing Bitcoin. Acquisitions by cryptocurrency exchanges and the development of the derivatives market may encourage institutional participation.
Analysts point out that the trend of a zero-sum game may continue, but the high volatility of cryptocurrencies and the safe-haven attributes of gold still present uncertainties.
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