JPMorgan Analysts: Bitcoin Will Overtake Gold Soon

JPMorgan analysts predict steady growth of Bitcoin in the second half of 2025. This is reported by The Block.

They believe that BTC will grow faster than gold, which is due to increased interest from corporations and US states, as well as a change in the dynamics of the so-called debasement trade strategy - when investors move away from fiat assets to defensive ones, such as gold or cryptocurrencies.

In late 2024, Bitcoin and gold were moving at similar rates as investors sought refuge from inflation and dollar devaluation. However, from mid-February to April, gold outperformed the crypto market, capitalizing on lower volatility and rising geopolitical risks. That began to change in May.

“We are seeing a reversal of momentum, with money flowing out of gold ETFs and into spot BTC ETFs and other crypto instruments since mid-April,” JPMorgan analysts said.

Thus, the strategy has become a zero-sum game - one asset strengthens its position at the expense of another. Analysts expect that in the second half of the year, Bitcoin will receive additional impetus from updating the historical maximum; new purchases by major players; potential tax breaks ahead of the US elections; and an increase in the number of states supporting crypto storage.

“If Bitcoin holds above $100,000, it could trigger a new wave of growth where it becomes a major competitor to gold as a safe haven currency,” the experts said.

Earlier, analysts from the TradingView platform, citing Glassnode data, noted that miners of the first cryptocurrency have changed their strategy in recent weeks: instead of constant sales, they began to increase their reserves.