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JPMorgan analysts have released an insightful report indicating that the market’s leading cryptocurrency, Bitcoin (BTC), is poised to gain further traction, particularly at the expense of gold, in the latter half of 2025.
This shift is attributed to rising corporate demand for Bitcoin and increasing support from various US states, suggesting a significant transformation in investment behaviors.
Bitcoin Gains Ground As Gold Prices Decline
According to the report led by managing director Nikolaos Panigirtzoglou, the phenomenon termed the “debasement trade”—where investors seek refuge in gold and Bitcoin to protect themselves against the devaluation of fiat currencies—has evolved into a competitive dynamic. Analysts note that this has turned into a zero-sum game, with Bitcoin currently emerging as the favored asset.
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The report highlights a notable trend: between mid-February and mid-April, gold saw gains at Bitcoin’s expense. However, in recent weeks, this trend has reversed, with Bitcoin surging while gold prices have declined.
Specifically, since April 22, gold has dropped nearly 8%, while BTC has experienced an impressive 18% increase. This shift is reflected in investor behavior, with significant capital moving out of gold exchange-traded funds (ETFs) and into Bitcoin.
JPMorgan attributes the cryptocurrency’s recent momentum not only to the weakening of gold but also to specific catalysts within the cryptocurrency space.
Corporate And State Interest Fuels Record Gains
Noteworthy companies like Strategy (previously Microstrategy) and Metaplanet are ramping up their BTC acquisitions. Strategy, in particular, is on track to raise $84 billion for Bitcoin purchases by 2027, having already achieved 32% of that goal.
Meanwhile, Metaplanet reported a record performance in the first quarter of FY2025, with its Bitcoin holdings surging to 6,796 BTC—a remarkable increase of 3.9 times year-to-date, adding over 5,000 BTC in 2025 alone.
Despite facing a valuation dip of ¥7.4 billion due to a price drop in March, Metaplanet has rebounded significantly, reporting ¥13.5 billion in unrealized gains as of May 12.
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Since adopting the BTC Treasury Standard, the company’s net asset value in Bitcoin has skyrocketed, increasing by a staggering 103.1 times, while its market capitalization has grown 138.1 times.
In addition to corporate interest, several US states are beginning to embrace BTC. New Hampshire has authorized the use of up to 5% of its reserves in Bitcoin, and Arizona is set to establish a Bitcoin reserve, pledging not to raise taxes this year.
The analysts suggest that as more states consider incorporating Bitcoin into their strategic reserves, this trend could serve as a sustained positive catalyst for Bitcoin’s growth.
As of this writing, BTC trades at $104,000, recording a major 23% price recovery on the monthly time frame, resulting in year-to-date (YTD) gains of nearly 60% for the leading crypto.
