Bitcoin is showing stronger growth potential than gold, continuing a trend noted by JP Morgan analysts in a recent report. The largest cryptocurrency by market value has gained momentum, supported by factors like increased corporate treasury allocations and new legislation permitting state investments in digital assets.
JP Morgan analysts, led by Nikolaos Panigirtzoglou, highlighted a maturing crypto derivatives market, citing recent acquisitions such as Coinbase’s purchase of Deribit and Kraken’s acquisition of futures platform NinjaTrader. These moves, along with regulatory progress in the US and Europe, are expected to boost institutional confidence and participation.
The report predicts that the competition between Bitcoin and gold will persist throughout the year, but crypto-specific developments will likely drive greater gains for Bitcoin in the second half of 2025.
Bitcoin recently surged past $104,500, nearing its January all-time high, while gold trades around $3,230—down from its April peak of $3,500. Investors have favored Bitcoin as a risk asset, contrasting gold’s traditional safe-haven status.
Industry experts note that gold could still benefit from renewed US-China tariff negotiations after the current 90-day pause ends. However, Bitcoin ETFs have outpaced gold ETFs in inflows since last December, reflecting shifting investor preferences amid ongoing inflation and macroeconomic uncertainties.
Overall, JP Morgan’s outlook favors Bitcoin as the asset with stronger upside potential relative to gold for the remainder of 2025.