JPMorgan Predicts Bitcoin Could Outperform Gold in H2 2025

JPMorgan has turned bullish on Bitcoin, forecasting that the cryptocurrency may outperform gold in the second half of 2025. Lead strategist Nikolaos Panigirtzoglou cited increasing institutional demand and evolving crypto market dynamics as key drivers behind Bitcoin’s upside potential.

The bank highlighted that investment firms like MicroStrategy and similar entities continue to accumulate large amounts of BTC, reinforcing confidence in its long-term value. Additionally, several U.S. states have proposed or passed Strategic Bitcoin Reserve (SBR) bills, aiming to integrate Bitcoin into state-level financial planning—another signal of growing legitimacy.

JPMorgan also pointed to the expanding maturity of the crypto derivatives market, which is attracting more institutional investors. This development could play a pivotal role in stabilizing the asset and promoting higher trading volumes.

Despite lagging behind gold earlier in 2025, Bitcoin has recently regained momentum. Gold, long considered the ultimate safe-haven asset, experienced a sharp correction after the U.S. and China appeared to ease trade tensions. The metal had briefly surged past $3,500 amid global market uncertainty, but the rally has cooled.

In contrast, Bitcoin—often dubbed “digital gold”—has shown resilience. Fidelity’s Jurrien Timmer previously suggested that gold might be ready to "pass the baton" to Bitcoin as the preferred store of value. As of now, Bitcoin is trading at $103,082, according to CoinGecko.

With institutional adoption rising and the broader crypto ecosystem evolving, JPMorgan’s outlook signals renewed confidence in Bitcoin’s performance for the remainder of the year.