JPMorgan expects Bitcoin to significantly outperform gold for the remainder of 2025. “We expect the zero-sum game between gold and Bitcoin year-to-date will continue for the rest of the year, but favoring cryptocurrency-specific catalysts that will give Bitcoin more upside potential than gold in the second half.”

JPMorgan attributes Bitcoin's upward momentum to factors beyond falling gold prices, noting that the adoption rates of Bitcoin by businesses and governments are continuously increasing. More and more companies are acquiring Bitcoin as a strategic reserve asset. “As the list grows, other U.S. states may consider adding Bitcoin to their strategic reserves, which could become a more lasting positive catalyst for Bitcoin.”