JPMorgan analysts now say Bitcoin will perform better than gold in 2025, a sharp change from their earlier position. This comes after Bitcoin’s price bounced back above $100,000, recovering from a sharp drop earlier this year.
Between February and April, gold was gaining while Bitcoin was losing value. But over the past three weeks, Bitcoin has been rising again, according to a note from JPMorgan’s Nikolaos Panigirtzoglou.
The analysts believe crypto-friendly laws and growing support from Donald Trump are pushing Bitcoin higher. They also expect more gains in the second half of 2025 due to crypto-specific factors.
Earlier this year, Bitcoin fell to around $75,000, dropping more than 30% from its all-time high of almost $110,000. The fall happened during Trump’s tariff announcements, which shook global markets. But now, Bitcoin has recovered and is gaining attention again.
Despite JPMorgan’s new forecast, CEO Jamie Dimon remains skeptical about Bitcoin and crypto in general.
Meanwhile, some investors are making bold predictions. Bill Miller IV told CNBC that Bitcoin could reach $1 million, saying it still has a long way to go compared to gold, which has a $20 trillion market cap.
Today, Bitcoin’s market cap is back above $2 trillion, while gold trades at over $3,200 per ounce. Many investors now see both assets as strong options to protect against economic and political uncertainty.
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