Bitcoin will overcome gold in the second half of 2025: JP Morgan

Gold has recently been losing strength after it reached historical maximums due to geopolitical and economic uncertainties, including tariffs.

Bitcoin has been the winner, and the gold has been the loser in a coverage operation against currencies.

The growing number of US states and companies that buy Bitcoin will be another catalyst.

JP Morgan analysts expect Bitcoin to overcome gold during the rest of the year.

The research firm predicts this performance thanks to the most American institutions buying Bitcoin and a zero sum operation in which gold is losing lately.

Gold bombardment fades

Gold had a good start in 2025, reaching a gain of 28% at its maximum of 52 weeks to $ 3,509.9 per ounce on April 22.

At that time, Bitcoin had dropped 3% in the year until then.

This rebound was largely driven by the increase in geopolitical tensions, the escalation of commercial tensions between the United States and China and the persistent world recession fears fed by tariffs, which promoted important purchases of safe refuge.

The purchases of the central banks also influenced this upward trajectory.

A JP Morgan analyst said in a previous note that the impulse in The price of gold could lead to $ 6,000 in The next four or five years.

This increase would be promoted by a change in the preference of investors towards US investments.

A degradation operation in which investors buy gold and Bitcoin as coverage against the weakening of international currencies has become a zero sum game in 2025, JP Morgan analysts said.

Gold was the asset he was winning, and Bitcoin was losing in this agreement until recently, they said.

From the April peak, gold prices have decreased by 8%, while Bitcoin has earned 18%.

Analysts pointed out that this performance has also been reflected in the appetite of investors.

The data that shows the flow of money showed that the money withdrew from the funds quoted in the Bag (ETF) of gold and was poured into funds to the cash of Bitcoin and cryptocurrencies since April, said JP Morgan.

Bitcoin ETFs have attracted more than USD 40 billion in tickets from its approval in 2024.

In futures data, the gold position has decreased, while Bitcoin has had an upward trend.

Catalizer for Bitcoin

The increase in the price of Bitcoin was also supported by US companies and institutions, either buying the cryptoactive or encouraging purchase with support regulations.

Strategy, a business intelligence company, has plans to buy 84,000 million dollars in Bitcoins by 2027 in two separate plans of 42,000 million dollars.

The company said it has already complied with 60% of the first shopping project of 42,000 million dollars.

Outstanding coverage funds such as Citadel, Millennium and Susquehanna have also invested in the cryptoactive.

Great companies such as Tesla, Coinbase, Block and Metaplenet have also added Bitcoin to their reservations.

The US states are also buying bitcoin to increase their reservations. New Hampshire recently became the first state of the US to approve a bill on cryptocurrencies.

According to the new standard, the State can invest until 10% of its public funds in Bitcoin and precious metals.

Arizona also approved a Bitcoin reserve bill and promises not to increase taxes.

The analysts said that as the US states.