JP Morgan analysts expect Bitcoin to outperform gold for the rest of the year.
Citing:
- “debasement trade” where investors buy gold and Bitcoin as a hedge against weakening international currencies has turned into a zero-sum game in 2025
- gold was gaining, and Bitcoin was losing … until recently
- since April’s peak, gold prices have declined Bitcoin has gained
- flow of money taken out of gold exchange-traded funds (ETFs) and being poured into spot bitcoin and crypto funds since April
JP Morgan also note
- New Hampshire crypto bill – state can invest up to 10% of its public funds in Bitcoin and precious metals
- Arizona also passed a similar law
- as more US states rule to invest in Bitcoin, it could act as a “sustained positive” catalyst
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You can track this call using our free charts, here is BTC/XAU:
