Bitcoin could continue to rise and outperform gold in the second half of 2025, according to a new report by JPMorgan. Analysts from the bank believe that while both assets were once rising together as a hedge against weak currencies, they are now moving in opposite directions and the battle for investor money has turned into a “zero-sum game,” with bitcoin taking the lead in recent weeks.
Between February and April, gold was gaining at Bitcoin’s expense. But over the past three weeks, the trend has flipped. Since April 22, gold has dropped nearly 8%, while bitcoin has climbed 18%, sitting at a staggering $101,587 as investors are shifting their money out of gold funds into bitcoin and other crypto-related products.
In addition, some U.S. states are starting to invest in bitcoin. New Hampshire, for example, now allows up to 5% of its states to be held in bitcoin and gold.
Similarly, Arizona is setting-up a digital asset reserve and funding it through crypto rewards, while also pledging not to raise taxes. Analysts believe that if more states follow this path, it could become a long-term boost for bitcoin’s price.
The crypto market is becoming more mature, as major U.S. exchanges have been making recent moves lately, with Coinbase buying Deribit, Kraken acquiring NinjaTrader, and Gemini securing a license to offer crypto derivatives in Europe. These developments are likely to attract more institutional investors, giving bitcoin further support. Overall, with gold losing ground and strong bitcoin-specific drivers in place, JPMorgan expects bitcoin to see more upside in the months ahead.
