With both of the assets coming to the forefront in the first few months of the year, JPMorgan analysts have projected that Bitcoin is likely to have more upside than gold in the second half of 2025. Indeed, the bank’s analysts note that BTC may, in fact, keep rising at the expense of the yellow metal.
The two investment assets became the center of attention amid an increasingly uncertain macroeconomic forecast. As geopolitical tension rose, so too did the debasement trade, where investors opted for both as a hedge against weakening fiat currencies. Although that has stalled thus far in 2025, JPMorgan is expecting one of those assets to come out ahead in the second half of the year.
JUST IN: JPMorgan says Bitcoin could outperform gold in the second half of 2025. pic.twitter.com/ZKqGPvu1on
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JPMorgan Says Bitcoin Will Rise at the Expense of Gold in 2025
Despite sliding less than 1% on Thursday, Bitcoin has jumped over 19% in the last 30 days, according to CoinMarketCap. Specifically, the leading cryptocurrency has settled above the $102,000 level, with many expecting further gains to manifest in the coming weeks.
Alternatively, gold has also had an impressive year. Although prices have reached a one-month low, the metal still sits firmly above $3,200 amid a record-setting year. However, that is expected to change, as JPMorgan analysts have recently said Bitcoin has more upside than gold for the second half of 2025.
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“Between mid-February and mid-April, gold was rising at the expense of Bitcoin,” JPMorgan analyst Nikolaos Panigirtzoglou told The Block. “While over the past three weeks we have been observing the opposite, i.e., Bitcoin rising at the expense of gold.”
However, Bitcoin’s potential expands in the regulatory clarity of the industry itself. The US has welcomed its first pro-crypto administration. Moreover, they are expected to pass favorable regulations in the near term. That could only strengthen the investment appeal of BTC and many other assets.
“In all, we expect the YTD zero-sum game between gold and bitcoin to extend to the remainder of the year, but we are biased towards crypto-specific catalysts creating more upside for bitcoin over gold into the second half of the year,” they added. Since late April, gold has dropped 8%, while Bitcoin has jumped 18%. Therefore, the asset may be proving JPMorgan right already.
