JPMorgan analysts expect Bitcoin to outperform gold through the remainder of 2025, according to a report released Wednesday. The investment bank points to several crypto-specific factors that could drive this anticipated surge.
“Between mid-February and mid-April gold was rising at the expense of bitcoin, while of the past three weeks we have been observing the opposite, i.e. bitcoin rising at the expense of gold,” wrote JPMorgan analysts in their report, led by managing director Nikolaos Panigirtzoglou.
The analysis highlights an ongoing “zero-sum game” between the two assets, where one tends to gain value at the other’s expense. This pattern has been evident throughout 2025 so far, with investor preferences swinging between the traditional safe-haven asset and its digital counterpart.
The JPMorgan team believes this competitive dynamic will continue throughout 2025, but they anticipate Bitcoin will gain the upper hand in the coming months.
“In all, we expect the YTD zero sum game between gold and bitcoin to extend to the remainder of the year, but are biased towards crypto-specific catalysts creating more upside for bitcoin over gold into the second half of the year,” the analysts stated.
Market data appears to support JPMorgan’s outlook. Since late April, gold has experienced an approximately 8% decline, while Bitcoin has surged by around 18%.
This divergence illustrates the shifting investor sentiment that JPMorgan has identified, with capital flowing from traditional safe-haven assets into the cryptocurrency market.
Factors Driving Bitcoin’s Potential Ascent
Several catalysts are expected to fuel Bitcoin’s outperformance over gold in the latter half of 2025. The JPMorgan analysts cite increasing corporate demand for cryptocurrencies, growing support from various U.S. states, and anticipated favorable regulatory developments.
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These factors suggest a maturing cryptocurrency ecosystem that is increasingly gaining acceptance from institutional investors and regulatory bodies alike. As the regulatory framework becomes clearer, institutional comfort with cryptocurrency investments continues to grow.
The shift represents a significant evolution in investor attitudes, as Bitcoin increasingly competes with gold as a store of value and inflation hedge. JPMorgan’s projection indicates that this trend may accelerate in the coming months, potentially reshaping traditional investment strategies and asset allocations.
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